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Holiday Cheer or Holiday Horror? Radial Releases its Annual Holiday Fraud Index Showing Retailers Risk Coordinated and Sustained Fraud LossesRadial, the leading omnichannel commerce technology and operations provider, today released its Annual Holiday Fraud Index to inform the retail world about the pervasive and escalating growth in fraud. Developed by Radial's data scientists in their Fraud Technology Lab, the 2016 Holiday Fraud Index uses data from hundreds of clients and billions of data elements to uncover EMV, cross-border, and digital gift card trends that could put retailers' bottom lines at risk. "With more than 10 years in fraud management and billions of transactional records to pull from, Radial is in a unique position to leverage our expertise and data to identify high-risk factors for retailers," said Stefan Weitz, Chief Product and Strategy Officer at Radial. "We're heading into our second holiday season with more retailers EMV ready, which means CNP fraud becomes a lot more attractive to organized and tech savvy criminals. Combine that with the increased prevalence of data breaches and retailers are faced with the daunting challenge of approving as many orders as possible, while minimizing fraud. Bottom line for most retailers if you are managing fraud yourself, the Grinch will be stealing your holiday." As eCommerce continues to grow, so will the opportunities for fraudsters to frustrate, steal and destroy. With more than two billion records already stolen in 2016, hacks, leaks and data breaches show no sign of slowing down. Radial's Annual Holiday Fraud Index details six valuable key findings retailers should be aware of this season and beyond: 1. CNP fraud garners the largest share of fraudulent activity with fraud attack rates increasing in nearly every market segment.
b>2. Some cross-border countries represent greater risk, while others offer higher sales potential.
3. Cross-border attack rates drop significantly on Cyber Monday.
4. Digital gift card fraud spikes after December 25.
5. Digital gift card attack rates soar for some billing and shipping domains and payment tenders during the holidays.
6. IP locations and credit card bank identification number (BIN) carry different risk factors for digital gift card purchases.
For an in-depth analysis of holiday fraud risks, download Radial's "Annual Holiday Fraud Index" and Infographic. About Radial Radial is the leader in omnichannel commerce technology and operations, enabling brands and retailers to profitably exceed retail customer expectations. Radial's technical, powerful omnichannel solutions connect supply and demand through efficient fulfillment and transportation options, intelligent fraud detection, payments, and tax systems, and personalized customer care services. Hundreds of retailers and brands confidently partner with Radial to simplify their post-click commerce and improve their customer experiences. Radial brings flexibility and scalability to their supply chains and optimizes how, when and where orders go from desire to delivery. Learn how we work with you at www.radial.com.
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