From the Door Bustin’ Black Friday to the Fraud-Lovin’ Cyber Monday
The door busting deals of Black Friday have come and gone, with a greater emphasis on “bust.” More consumers have eschewed the 5 a.m. lines and avoided being featured in the shopping rage footage (we can argue if they’re fake or not but, that’s beside the point.) Even NerdWallet reported that Black Friday’s deals were lackluster and too similar to last year to be noteworthy. Instead, we’ve also seen the door has busted on Black Friday and made way for Cyber Monday.
Let’s face it. Consumers have truly embraced the transition from shopping in-store to ordering online with the help of great deals and relatively pain-free shopping cart experience. Yes, Black Friday is losing ground to Cyber Monday. In this New York Post article, it even claims Cyber Monday saved retailers after a very dark and meek Black Friday.
But where the consumers go, so do the fraudsters. These fraudsters are joining the movement online, not only motivated by the shift to EMV, which is decreasing opportunities for them to conduct POS/in-person fraud, but also the shift to highly-available, low-cost consumer information and a general lack of expertise in Internet merchants to detect and stop them.
Remember: we still have the rest of the month left for more surges in holiday online and mobile shopping. Online fraudsters are all over Cyber Monday like a sugar-deprived kid in a candy store. This year, we saw them take aim – and successfully shoot – at various pricey targets, including high-end electronic devices, Louis Vuitton handbags and diamond engagement rings. As an online merchant, you may not sell these goods but no one is safe. In fact, any online sale during the holidays is up for grabs. You may have skated past the hyper activity of Cyber Monday but the kid still needs his sugar fix.
So what can you do?
- To stay in the safe zone, have a comprehensive fraud plan in place and use a provider with multiple fraud prevention techniques in one platform – after all, shoppers are buying and fraudsters are creeping up on them in multiple ways.
- Monitor your systems frequently and regularly to avoid being a target during the entire holiday season without even knowing it.
- Know where your information goes. Did you know stolen credit/debit card info can be sold for $1 on the criminal markets? It’s completely degrading but it does happen. CNP fraud is the cheapest and easiest it has ever been for criminals. These prevalent threats of data breaches are further fueled by EMV regulation (a.k.a. purchases made in-store on Black Friday) and the boom of mobile payments.
If you’re feeling a little bit vulnerable this holiday season, give us a call. We’ll make sure that fraudster looking for a sugar fix is put on lockdown, straight-jacketed and barred from entering your online premisis.