Online Shopping Fraud Skyrockets

Suspected digital holiday shopping fraud in Canada has skyrocketed 58 per cent compared to the rest of the year, says study by TransUnion. The data shows that six per cent of eCommerce transactions originating from Canada between Thursday, November 24 and Monday, November 28, were suspected to be fraudulent. eCommerce fraud in Canada at the start of the holiday shopping season follows a global trend showing 15 per cent of all global eCommerce transactions in the same holiday period were potentially fraudulent. Globally, there was an 82 per cent increase in the average number of suspected global digital fraud attempts in retail on any given day during the holiday period compared to the rest of the year. Promotion abuse and account takeover were the leading fraud attempt types globally. Not surprisingly, more consumers (77 per cent) are concerned with being victimized by online fraud this holiday season.