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Business Wire 14-Nov-2018 8:00 AM
Latest ACI Worldwide benchmark data of top merchants predicts online fraud attempts to peak on Thanksgiving Day; fraudsters to target big ticket electronics items, data warns
New benchmark data from ACI Worldwide (NASDAQ:ACIW), a leading global provider of real-time electronic payment and banking solutions, revealed a projected 14 percent increase in fraud attempts during the upcoming 2018 peak holiday season, based on hundreds of millions of merchant transactions, including some the world's leading global retail brands. As consumers and merchants prepare for the busiest shopping season of the year, the projected data shows that fraud attempts are likely to peak on Thanksgiving Day.
"The first step to fighting fraud is knowing what you're up against," said Erika Dietrich, global director, Payments Risk, ACI Worldwide. "Fraudsters prepare for peak holiday season just as much as merchants and consumers do. By anticipating the increase in fraud during the holiday shopping season, and being aware of where fraudsters may be lurking, consumers and merchants can get ahead of fraudulent activity and protect themselves."
Principal findings from the data include:
Thanksgiving Day
Black Friday
Cyber Monday
"As the market matures and EMV technology makes card-present fraud harder, we expect overall fraud attempts to increase at a lower rate this year than they did in the last two years," Dietrich continued. "In addition, as more consumers purchase big ticket items like smartphones, TVs and other electronics, we expect the attempted fraud average ticket price to be higher this year than in previous years."
"Fraudsters will keep an eye on items that have limited inventory as it gives them an additional opportunity to steal and sell those items on the black market for a higher price so consumers and merchants alike must be vigilant in such cases," Dietrich concluded.
As the holiday season approaches, ACI Worldwide provides consumers with nine tips to combat fraud this holiday shopping season:
ACI ReD Shield – a key component of ACI's UP Payments Risk Management solution – delivers real-time, multi-tiered protection that's tailored to the needs of eCommerce merchants, payment service providers (PSPs) and Independent Sales Organizations (ISOs). This intelligent solution is delivered as a managed service through an expert team of risk analysts, and provides instant decisions (accept/challenge/deny) on eCommerce and mCommerce transactions.
*Methodology:The survey includes leading global merchants that utilize ACI ReD Shield, representing hundreds of millions of transactions globally; these merchants, most of whom are among the top 100 retailers, have been utilizing ACI's service for at least two years.
Date Range:January 1, 2017 to October 31, 2018
Terminology:
About ACI WorldwideACI Worldwide, the Universal Payments (UP) company, powers electronic payments for more than 5,100 organizations around the world. More than 1,000 of the largest financial institutions and intermediaries, as well as thousands of global merchants, rely on ACI to execute $14 trillion each day in payments and securities. In addition, myriad organizations utilize our electronic bill presentment and payment services. Through our comprehensive suite of software solutions delivered on customers' premises or through ACI's private cloud, we provide real-time, immediate payments capabilities and enable the industry's most complete omni-channel payments experience. To learn more about ACI, please visit www.aciworldwide.com. You can also find us on Twitter @ACI_Worldwide.
© Copyright ACI Worldwide, Inc. 2018.ACI, ACI Worldwide, ACI Payment Systems, the ACI logo, ACI Universal Payments, UP, the UP logo, ReD, PAY.ON and all ACI product names are trademarks or registered trademarks of ACI Worldwide, Inc., or one of its subsidiaries, in the United States, other countries or both. Other parties' trademarks referenced are the property of their respective owners.
Product roadmaps are for informational purposes only and may not be incorporated into a contract or agreement. The development release and timing of future product releases remains at ACI's sole discretion. ACI is providing the following information in accordance with ACI's standard product communication policies. Any resulting features, functionality, and enhancements or timing of release of such features, functionality, and enhancements are at the sole discretion of ACI and may be modified without notice. All product roadmap or other similar information does not represent a commitment to deliver any material, code, or functionality, and should not be relied upon in making a purchasing decision.
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