Fraudsters bank on targeted, high-value attacks during 2020 holiday shopping season

Sift released its Q4 2020 Digital Trust & Safety Index: Holiday Fraud and the Shifting State of E-commerce, which revealed that fraudsters are executing larger and more targeted attacks this holiday time. Derived from Sift’s global network of over 34,000 sites and apps, the Index establish the mean attempted fraudulent purchase value rose to over $700 from October through November 2020, a 70% year-over-year increase during the same time in 2019.

2020 has been a banner year for e-commerce sales, with merchants athwart Sift’s network enjoying Black Friday-like business sizes. In fact, mean daily business sizes have been uniform to 88% of the size that occurred during Black Friday weekend 2019 – one of the largest shopping weekends of the year. In the wake of the e-commerce boom, fraudsters have changed their manoeuvre to take gain. Shifting away from the transmitted “spray and pray” access, which includes making dozens or hundreds of lower value businesss with stolen payment information, bad actors are making larger, albeit fewer, attacks. In particular, cybercriminals have focused on e-commerce merchants who are looking to cash in on the surge of online shopping this time, shrewd that they will be more likely to get through unabated.