New benchmark data from ACI Worldwide has projected a 14 per cent increase in fraud attempts during the upcoming peak holiday shopping season.

Based on hundreds of millions of merchant transactions, including some of the UK’s biggest High Street retailers, the data shows that fraud attempts are going to be at their highest across the Black Friday and Cyber Monday weekend.

The analysis showed that on Black Friday, 1.36 per cent of all purchase attempts are expected to be fraudulent, while on Cyber Monday, one per cent of all purchase attempts are expected to be fraudulent.

The payment solutions provider also found that the expected value of fraud attempts is up 17 per cent compared to the same period in 2017.

“The first step to fighting fraud is knowing what you’re up against,” said Erika Dietrich, global director for payments and risk at ACI Worldwide. “By anticipating the increase in fraud during the holiday shopping season, and being aware of where fraudsters may be lurking, consumers and merchants can get ahead of fraudulent activity and protect themselves.”

Figures from the Office for National Statistics last month revealed that retail fraud jumped by 27 per cent in the year to June 2018.

The national Crime Survey for England and Wales (CSEW) showed that despite a stabilisation in fraud figures overall, recorded offences against consumers and retailers rose from 727,000 in July 2016-June 2017 to 923,000 in the same period in 2017-2018 – marking a total increase of 196,000 (27 per cent).

Meanwhile, research from Adyen earlier this week found that 60 per cent of retailers in Europe saw an increase in fraud in the past year, while 69 per cent of consumers say they would avoid merchants that fall victim to a data breach.

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