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This year Black Friday and Cyber Monday online sales jumped 16 percent to $4.2 billion. Including transactions for 4 of the top 10 online retailers and based on an average order value of $130, ThreatMetrix’s™ Global Trust Intelligence Network (The Network) screened an amazing one in four U.S. e-commerce transactions on the biggest shopping days of the year. And, it should come as no surprise that the data shows there’s been a significant hike in the number of mobile transactions.
The Network’s data includes transactions from thousands of retailers, including 4 of the top 10 of the top online merchants. ThreatMetrix protects them all from cybercrimes that range from account takeover to payment fraud and identity spoofing.
“ThreatMetrix enables e-tailers to tell the difference between who’s been naughty or nice this holiday season without putting up roadblocks like two factor authentication,” said Alisdair Faulkner, chief products officer, ThreatMetrix. “The high volume of transactions ThreatMetrix screened and protected over the Thanksgiving weekend – and continues to protect throughout the holiday season and year-round – is evidence of our exponential growth in the past year. Following the launch of The Network earlier this year, ThreatMetrix has continued to grow its customer base in e-commerce and financial services in response to the tsunami of stolen identities and malware that have hit our cyber shores this year.”
Big Boom in Mobile Transactions over Thanksgiving Weekend
Based on data gathered from The Network, ThreatMetrix found that mobile devices accounted for 23 percent of all e-commerce transactions on Thanksgiving and Black Friday. However, there was a drop-off on Cyber Monday from 23 percent to 15.4 percent of total e-commerce transactions.
“It was ‘tablets at the table’ this year when Thanksgiving Day mobile spending reached record levels and continued throughout the holiday weekend,” said Faulkner. “The reason for a drop-off on Cyber Monday is likely due to the trend of American consumers shopping on their desktops during the workday. Given the rise in mobile spending to kick off the holiday shopping season, retailers and consumers need to be wary of cybercriminals looking to capitalize on mobile commerce profits.”
iPhone on Top
When screening transactions, ThreatMetrix identifies mobile data by device type. iPhone led the way with more than 81.5 percent of mobile transactions. Android came in second with 18.1 percent, while all other devices accounted for 0.4 percent of mobile transactions.
“As iPhone and Android transactions continue to control the mobile market, cybercriminals will develop sophisticated strategies to target iOS and Android software for personal gain,” said Faulkner. “Common mobile fraud risks during the holiday season and throughout the year include use of VPN services for IP Address spoofing and using jailbroken devices to spoof mobile device fingerprints. Retailers accepting mobile transactions must have layered, preventative measures in place to differentiate between authentic and fraudulent transactions and protect against cybercrime.”
The Global Data Repository. A Retailer’s Bulwark against Cybercrime
Differentiating between authentic and suspicious mobile transactions and online activity, The Network is a comprehensive global repository of fraud data that protects tens of millions of users every day from mobile threats through the use of real-time analytics to evaluate the validity of logins, payments, new account registrations and remote access attempts.