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U.S. Online Fraud Attempts Increase 22 Percent During 2017 Holiday Shopping SeasonOnline fraud attempts and general retail transaction volumes increased substantially during the 2017 holiday season, according to new benchmark data from ACI Worldwide (NASDAQ:ACIW). Fraud attempts in the period from Thanksgiving Day to December 31 increased by 22 percent, while the number of overall transactions increased by 19 percent. ACI's benchmark survey data* is based on hundreds of millions of eCommerce retail transactions from global merchants using ACI ReD Shield-the eCommerce fraud prevention component of ACI's UP portfolio of payment solutions-to detect and prevent CNP fraud during the 2016 and 2017 holiday shopping seasons (beginning Thanksgiving Day and ending on December 31). ACI ReD Shield processed 14 percent of all Thanksgiving Day online spend, 13 percent of all Black Friday online spend and 9 percent of all Cyber Monday (News - Alert) online spend. Principal findings and key fraud activity trends include:
"Over the 2017 holiday shopping season, merchants experienced significant growth in their digital channels, coupled with a substantial increase in fraud," said Erika Dietrich, Director of Risk Management, ACI Worldwide (News - Alert). "The consistent, alarming uptick in fraudulent activity on key dates is a signal that merchants must be proactive in their efforts to identify weak points across the omni-channel payment process-and define the short- and long-term strategies necessary to improve security and enhance customer experience."
ACI ReD Shield is a key component of the UP Merchant Payments and UP Payments Risk Management solutions. ACI's UP portfolio of solutions orchestrates all aspects of payments processing for any payment type, any channel, any currency and any network. * Methodology and Demographics: The data is based on similar averages of ReD Shield customer data year over year. ReD Shield Retailers representing hundreds of millions of transactions; these leading retailers have been utilizing ACI's service for two years. Date Range: Thanksgiving Day to December 31, 2016 Thanksgiving Day to December 31, 2017 Terminology:
About ACI Worldwide ACI Worldwide, the Universal Payments (UP) company, powers electronic payments for more than 5,100 organizations around the world. More than 1,000 of the largest financial institutions and intermediaries, as well as thousands of global merchants, rely on ACI to execute $14 trillion each day in payments and securities. In addition, myriad organizations utilize our electronic bill presentment and payment services. Through our comprehensive suite of software solutions delivered on customers' premises or through ACI's private cloud, we provide real-time, immediate payments capabilities and enable the industry's most complete omni-channel payments experience. To learn more about ACI, please visit www.aciworldwide.com. You can also find us on Twitter (News - Alert) @ACI_Worldwide. © Copyright ACI Worldwide, Inc. 2018. ACI, ACI Worldwide, ACI Payment Systems, the ACI logo, ACI Universal Payments, UP, the UP logo, ReD, PAY.ON (News - Alert) and all ACI product names are trademarks or registered trademarks of ACI Worldwide, Inc., or one of its subsidiaries, in the United States, other countries or both. Other parties' trademarks referenced are the property of their respective owners. Product roadmaps are for informational purposes only and may not be incorporated into a contract or agreement. The development release and timing of future product releases remains at ACI's sole discretion. ACI is providing the following information in accordance with ACI's standard product communication policies. Any resulting features, functionality, and enhancements or timing of release of such features, functionality, and enhancements are at the sole discretion of ACI and may be modified without notice. All product roadmap or other similar information does not represent a commitment to deliver any material, code, or functionality, and should not be relied upon in making a purchasing decision. View source version on businesswire.com: http://www.businesswire.com/news/home/20180115005189/en/ |