Cases of suspected online retail fraud coming from SA rose by 6.59% during the start of the 2020 holiday shopping season compared to the same period last year.
The findings are based on the online retail transactions TransUnion analysed for its e-commerce customers between November 26-30.
Heading into the holiday shopping season, the global TransUnion Financial Hardship Study conducted from November 1-3 also found that 41% of 1,100 South African consumers said they had been targeted by digital fraud related to Covid-19, a 64% increase from the same survey in the week of April 13.
“With the Covid-19 pandemic accelerating the move from offline to online transactions, detecting digital fraud attempts has become paramount for e-commerce providers,” said Keith Wardell, director of product at TransUnion Africa.
Online fraud marred Black Friday weekend
Image: 123RF/WELCOMIA
Cases of suspected online retail fraud coming from SA rose by 6.59% during the start of the 2020 holiday shopping season compared to the same period last year.
The findings are based on the online retail transactions TransUnion analysed for its e-commerce customers between November 26-30.
Heading into the holiday shopping season, the global TransUnion Financial Hardship Study conducted from November 1-3 also found that 41% of 1,100 South African consumers said they had been targeted by digital fraud related to Covid-19, a 64% increase from the same survey in the week of April 13.
“With the Covid-19 pandemic accelerating the move from offline to online transactions, detecting digital fraud attempts has become paramount for e-commerce providers,” said Keith Wardell, director of product at TransUnion Africa.
SA's Black Friday queues are online in 2020, amid Covid-19 pandemic
“To avoid cart abandonment with all of these new sales opportunities, it is equally if not more important to ensure consumers are able to make friction-right digital transactions.”
TransUnion has identified these trends on suspected fraudulent e-commerce transactions in SA during the start of the holiday shopping season and entire year from 2018 to 2020:
The days with the highest percentage of suspected fraudulent transactions coming from SA during the start of the 2020 holiday shopping season were:
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