Less credit card fraud reported on Black Friday, Cyber Monday
Not only were sales robust across the retail spectrum this past Black Friday-Cyber Monday timeframe, but the incidents of online retail credit card fraud took a dip — a drop of 29 percent, according to data from iovation.
The drop was the first decrease in years, and it demonstrates online retailers "are making strides" in efforts to identify and prevent card-not-present fraud, according a release on the study.
"We can infer a number of trends through the analysis of billions of e-commerce transactions processed through our FraudForce platform. Most notable among these is that online retailers who leverage device intelligence are making significant inroads when it comes to proactively preventing card-not-present fraud," said Greg Pierson, CEO and co-founder for iovation, in the release. "This type of fraud not only cuts into their bottom line results, it can cause irreparable harm to their brand, so this is a meaningful improvement."