While e-commerce sales on Black Friday and Cyber Monday (BFCM) were slightly lower than last year, overall online sales for the holiday season are up over last year’s record numbers.
Data from Sift, however, notes that some sectors actually did enjoy increases in sales volumes including marketplaces and fintechs. Generally, the antifraud technology provider expected merchants selling digital products to enjoy increases from last year and that seemed to come to pass over the BFCM weekend.
Fraud rates in many verticals also saw sometimes significant increases over last year, the report found. Digital wallets led the way with a fraud rate increase of more than 328 percent compared to the BFCM weekend last year. B2C digital goods/services (142.38 percent), PSPs (134.2 percent) and food delivery (115.71 percent) all saw fraud rates on Black Friday and through the weekend more than double since last year.
Instances of account takeover (ATO) fraud were up significantly in many verticals, according to Sift. Omnichannel Retail was especially hard hit by ATO, which rose nearly 3000 percent from last year. Huge increases in ATO also hit marketplaces (810 percent increase), B2B digital goods/services (257 percent) and digital-first retail (250 percent).
For a look at this data and more, check out an interactive infographic from Sift.