Digital Shopping Fraud Surged by 12% During ‘Cyber Five’ Holiday Period

According to a report by Sift, a leader in digital trust and safety, there was a notable increase in suspected digital shopping fraud during the ‘Cyber Five’ holiday period. The study reveals that the rate of this fraud surged by 12% compared to last year.

The ‘Cyber Five’ and the Rise in Digital Fraud

The ‘Cyber Five,’ a term referring to the five-day shopping period from Thanksgiving through Cyber Monday, witnessed a significant uptick in potential fraudulent activities. Sift reported a 12% increase in suspected digital shopping fraud during this period, suggesting increased vigilance is necessary.

The Role of Pandemic in Digital Shopping Fraud

The COVID-19 pandemic has played a significant role in the rise of digital shopping fraud. As more people turned to online shopping due to lockdowns and social distancing measures, fraudsters capitalized on this shift, leading to increased fraudulent activities.

Key Findings from the Sift Report

The Sift report also highlighted key findings, such as the highest fraud attempt rate occurring on Thanksgiving Day. The study also pointed out that the most common types of fraud were payment and promotion abuse, accounting for a significant portion of fraudulent activities.

The surge in digital shopping fraud during the ‘Cyber Five’ holiday period underscores the need for e-commerce businesses to implement stronger safety measures. As digital transactions continue to increase, companies must remain vigilant and proactive in their approach to fraud detection and prevention to ensure customer trust and business integrity.