Cyber Monday Will Be the Most Fraudulent Day of the Season, Says SEON
· SEON predicts a 100% increase in fraud attempts on Cyber Monday
· SEON anticipates a 57% increase in fraud attempts on Black Friday
· The company helped to stop more than €6 billion in fraud during last year’s Black Friday and Cyber Monday for online businesses across the globe
This year’s Black Friday will be another red-letter day for online fraud attempts. However, online fraud prevention company SEON is advising businesses to worry more about Cyber Monday, which it predicts will see a 100% increase in online fraud attempts.
Leveraging data from its own platform, SEON is painting a daunting, but nuanced picture of online fraud in the run up to Black Friday and Cyber Monday. This year, SEON predicts that fraud attempts will increase by more than 100% on Cyber Monday when compared to a typical Monday. In addition, the company foresees bot programs and fake profiles as being the weapons of choice for fraudsters in 2022.
SEON’s internal data paints an interesting picture for online businesses like eCommerce merchants, online loan providers and iGaming companies. While the company processed 26% more transactions on Black Friday compared to a normal Friday, it saw a 57% increase in declined transaction rates. More surprisingly, the company’s system processed around 19.5% more transactions on Cyber Monday than on a typical Monday but experienced an 100.3% increase in declined transaction rates.
Last year, SEON reviewed more than €300 billion of transactions during Black Friday and Cyber Monday. During this period, the company was able to stop more than €6 billion in attempted fraud on behalf of its clients. Now, the company is predicting similar figures for this year’s shopping bonanza. In fact, SEON believes more people may now turn to online fraud in response to growing economic pressures.
SEON, which has just been named as the ‘Hottest Cybersecurity Startup’ at The Europas Awards 2022, predicted a 150% increase in attempted loan fraud during last year's Black Friday. The company’s own research now shows this prediction to be somewhat conservative. The sector saw the biggest increase in attempted fraud according to SEON’s data last year, and must now brace for a similar period in 2022.