It has been a bumper year for fraudsters, according to data published by ACI Worldwide. Fraud rates have increased 30% compared to 2016 figures, with a couple of notable spikes through the year.
In March, fraud peaked at 2% of transaction volume stemming from a number of bot attacks at several merchants. August and October also have high fraud rates, with data compromise believed to be the driver. According to ACI, identity theft (via data breaches), account takeover (including phishing attacks) and friendly fraud (chargebacks) remain the biggest challenges to consumers and retailers. ACI also predicts that average attempted fraud ticket value (ATV), a retailer’s average sales size by individual credit card, will increase to $215 in 2017 from $210 in 2016. Fraudsters continue to favor electronics and home goods (vacuums, blenders, cookers).