Financial Crime World

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FRAUDULENT ACTIVITIES IN E-COMMERCE HAMPER HOLIDAY SHOPPING SEASON IN NAMIBIA

A recent study by TransUnion has revealed a significant increase in e-commerce fraud during the 2023 holiday shopping season, with Namibia being one of the most affected countries.

Rising Trend of E-Commerce Fraud

According to the study, the average number of suspected digital fraud attempts on any given day during the period from Black Friday to Cyber Monday was 87.5% higher than the same period in 2022. Globally, the rate of suspected digital fraud attempts was even higher at 3.6%.

Regional Breakdown

The analysis found that 3.1% of e-commerce transactions originating from Namibia were suspected to be fraudulent, compared to 2.8% for the rest of the year.

Expert Warning

TransUnion’s global head of fraud, Steve Yin, warned that the holiday season is a prime target for fraudsters seeking to take advantage of online shoppers. “Online retailers must ensure that consumers shopping their sites are at the same time protected from fraud in the most seamless and friction-right way possible,” he said.

Top Indicators of Fraudulent Transactions

The study identified the top indicators of fraudulent e-commerce transactions during the holiday shopping season, including:

  • Transactions per IP
  • Transactions per device

Lara Burger, country manager at TransUnion Namibia, emphasized the importance of implementing holistic fraud solutions to verify customer identity and authenticity at the beginning of a transaction.

Methodology

TransUnion’s findings are based on intelligence from its identity and fraud product suite, TransUnion TruValidate, which helps secure trust across channels and delivers efficient consumer experiences. The study’s results reflect interactions that TransUnion customers either denied in real-time due to fraudulent indicators or determined to be fraudulent after a manual review process.

Full Report

The full report can be found on TransUnion’s website, highlighting the suspected digital fraud rate for each day of the holiday shopping weekend and providing insights into the top indicators of fraudulent e-commerce transactions globally.