TransUnion has recently introduced its 2019 Holiday Retail Fraud Survey. The latter reveals that holiday shoppers are worried about eCommerce fraud this holiday season. What measures are you taking to protect your business from fraud? Do you have a reliable and secure eCommerce merchant account. If you’re interested in the topic, you’re at the right place.
eCommerce Merchant Account & Holiday Shopping Fraud
The mentioned survey results are based on the answers from over 2.500 consumers. They were asked about what they expected this year and what plans they had concerning making and paying for purchases, and what they thought about identity verification.
When it comes to the Black Friday and Cyber Monday weekend, shoppers spent $4.2 billion on the 1st one and $9.4 billion on the 2nd one. According to the National Retail Federation (NRF), U.S. consumers are expected to spend nearly $730 billion during the 2019 holiday shopping season.
What are you doing to provide exceptional fraud prevention for your online transactions? Well, one thing is certain: you can’t do without working with a secure and experienced payment processor in your field.
Just turn to a reputable credit card processor that knows your business best of all and can get you a safe and cheap eCommerce merchant account without difficulty. With a true payment expert, application and approval will be fast and hassle free.
Holiday Shopping Stats
Let’s have a look at some of the findings by TransUnion:
- 52% of consumers would avoid a business without a proper track record associated with data breaches.
- 46% were worried about becoming a victim of online fraud during the 2019 holiday season.
- Over 95% of shoppers considered additional identity validation important while making purchases over the internet.
- About 12% of consumers would use alternative payment options such as PayPal and mobile payment apps during the 2019 holiday period.
- More than 33% of shoppers anticipated to use bank-issued credit cards and retail credit cards for shopping.
- Over 75% of consumers were going to buy at least half of the necessary items over the internet.
- More than 70% of consumers mostly use smartphones and desktops for making purchases.
- Less than 30% of shoppers would go for tablets to conduct their shopping this season.
To sum up, suspected online retail fraud has grown by 29% during the start of this year’s holiday shopping season as compared to last year’s same period.
Author Bio: Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest rated high risk merchant account processor in the country that offers the safest and cheapest eCommerce merchant account in the industry. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.