According to new research from digital trust and safety solution provider Sift, cyber criminals have been quite adept at exploiting vulnerabilities in digital payments and business, leading to an explosion in fraudulent attempts over the last year.
The company’s research, the Digital Trust & Safety Index, examines how fraudsters target online businesses, what platforms and payment types they’re using, when they most frequently strike, and other patterns unearthed by examining Sift’s global data network of more than 400 billion events per year.
Other key findings include:
- Credit cards are not the most commonly used payment type associated with fraud, which are used less frequently than promotions and coupons, cryptocurrency, digital wallets, and “pay with cash” options
- Fraudulent order values are roughly 3X the price of legitimate purchases on average
- The largest attempted purchase on Sift’s platform in 2019 was for a $1M video game power-up
- Payment fraud attempts are at their highest during the summer months.
- Saturdays had the highest instances of payment fraud attempts of any day of the week.
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