Attempted digital fraud increased 2.1% this year-end season when compared to the same time in 2023, established the TransUnion risk center in its usual analysis of digital fraud during the 2024 year-end discount season.
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According to the firm, 7.1% of all e-commerce transactions carried out between November 28 (Thursday before Black Friday) and December 2 (Cyber Monday) of 2024 had fraud attempts in Colombia, in comparison with 5.3% registered during the same holiday period in 2023.
The analysis reviewed e-commerce transactions globally and found that 4.6% recorded suspected digital fraud attempts during the same period, known colloquially as the ‘cyber five’.
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The global rate of suspected digital fraud in retail was determined decreased by 6% recorded during the same period in 2023.
The numbers of fraud attempts
The study determined that the average volume of suspected digital fraud attempts in retail, on any day during that global holiday period (November 28 to December 2), was 30.2% lower compared to the same period of 2023 and 5.9% lower compared to the rest of the year (from January 1 to November 27, 2024).
In Colombia, the rate of suspected digital fraud attempts was highest on December 1st.
“It is important for retailers to equip themselves with the tools they need to detect fraud early. These tools can help minimize fraudulent transactions while protecting legitimate transactions. “Retailers should look to implement comprehensive anti-fraud solutions that can verify customer identity and authenticity as early as possible during a transaction,” said Diana Martínez, director of Anti-Fraud Solutions at TransUnion Colombia.
(Follow here: Be careful: electronic fraud attempts skyrocket during the year-end season)
The increase in suspected digital fraud attempts in retail came after 74% of Colombian consumers indicated in the Q4 2024 Consumer Pulse survey that they are at least moderately concerned for being victims of digital fraud during the Christmas shopping season.
Holman Rodríguez Martínez
