Fraudsters Raised the bar in 2020 Increasing the Average Fraud Purchase Value to Over $700
The average order value during the Black Friday weekend was up 64 percent year-over-year, but during the entire months of October and November the average order value of fraud attempts was up 70 percent.
Remembered for many things, 2020 also drove eCommerce sales higher than ever before, but an increase in transaction volumes and order values brought with it a rise in the average attempted fraudulent purchase value. During October and November 2020, there was a 70 percent increase in the average order value for fraud attempts compared to the same time frame 2019, with the average fraudulent purchase value rising to over $700 dollars in 2020.
This increase in fraudulent purchase amounts is a direct result of the change in how fraudsters have raised the bar in the way they operated in 2020. They have moved away from making high volumes of lower value transactions with stolen information to targeting transactions at higher price points. With eCommerce order volumes also increasing over 64% percent over Black Friday weekend, eCommerce merchants have become an even bigger target of cybercriminals who can hide in the elevated volume and order amounts from legitimate consumers.
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