Dec 06ThreatMetrix Protected 1 in 4 U.S. E-Commerce Transactions on Black Friday and Cyber Monday
Data from the ThreatMetrix™ Global Trust Intelligence Network Shows Mobile Devices Accounted for Nearly One in Four Thanksgiving Weekend E-Commerce Transactions
San Jose, Calif. – December 6, 2013 – ThreatMetrix™, the fastest-growing provider of integrated cybercrime solutions, today announces the ThreatMetrix™ Global Trust Intelligence Network (The Network) screened one in four U.S. e-commerce transactions on Black Friday – including transactions for several of the top 10 online retailers. Leveraging the high volume of transactions in The Network, ThreatMetrix analyzed mobile spending data for Thanksgiving through Cyber Monday.
According to Adobe, for Black Friday Day and Cyber Monday, online sales grew 16 percent over the same period last year to $4.2 Billion. Based on an average order value of $130, ThreatMetrix’s Network screened one in four total U.S. e-commerce transactions on Black Friday and Cyber Monday – the two largest shopping days – and found a significant rise in mobile transactions.
Data from The Network includes transactions from thousands of retailers including four of the top 10 online retailers that ThreatMetrix protects from cybercrime threats such as account takeover, 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.”
Thanksgiving Weekend Sees Boom in Mobile Transactions
Leveraging data from The Network, ThreatMetrix found that mobile devices accounted for a total of 23 percent of total e-commerce transactions on Thanksgiving and Black Friday, but showed a significant drop-off on Cyber Monday – with 15.4 percent of total e-commerce transactions.
“It was ‘tablets at the table’ this year with 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.”
ThreatMetrix also identified mobile data by device type and found that the iPhone continues to dominate the marketplace – with more than 81.5 percent of mobile transactions screened by ThreatMetrix. Android came in second place with 18.1 percent of mobile transactions, while all other devices combined only 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.”
To protect against mobile fraud and cybercrime risks, retailers must leverage a global data repository such as The Network to differentiate between authentic and suspicious mobile transactions and online activity. The Network is the most comprehensive global repository of fraud data and protects tens of millions of users every day from mobile threats with real-time analytics that evaluate logins, payments, new account registrations and remote access attempts for validity.
ThreatMetrix secures Web transactions against account takeover, payment fraud, identity spoofing, malware, and data breaches. The ThreatMetrix Global Trust Intelligence Network, which analyzes 500 million monthly transactions, provides context-based authentication and Web fraud prevention to help companies accelerate revenue, reduce costs and eliminate friction. ThreatMetrix protects more than 1,900 customers and 9,000 websites across a variety of industries, including financial services, enterprise, e-commerce, payments, social networks, government, and insurance. For more information, visit www.threatmetrix.com or call 1-408-200-5755.
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