A new report from ACI Worldwide finds fraud attempts increased by 4.7 percent in value, but decreased by 3.2 percent in volume in the first six months of 2020.Fraud attempts increased in value but decreased by volume in the first six months of 2020. For the month of June 2020, fraud attempts were up 3.7 percent by value (a 0.2 percent increase compared to the same month last year) reflecting a continued month-over-month downward trend after having reached a high of 5.8 percent in March 2020.
Fraud average ticket price increased from $161 in 2019 to $174 in 2020 — double the average ticket price for genuine purchases in 2020 ($87).
“E-commerce growth remains strong even as Covid-19 pandemic restrictions are being eased, suggesting a possible behavioral shift with consumers young and old around the world as they embrace the convenience of online shopping”
The study also finds global e-commerce sales rose 28 percent in June 2020 compared to June 2019, making it the largest year-over-year increase in sales since Covid-19 restrictions were put in place in March.
The U.K. saw a steep jump in purchase volume in June 2020—up 20 percent compared to June last year—whereas in May 2020, purchase volume was up six percent compared to the previous year.
“E-commerce growth remains strong even as Covid-19 pandemic restrictions are being eased, suggesting a possible behavioral shift with consumers young and old around the world as they embrace the convenience of online shopping,” said Debbie Guerra, executive vice president, ACI Worldwide, in a statement. “In fact, more consumers representing older generations who have traditionally preferred purchasing at brick-and-mortar stores are finding online shopping to be the new norm.”
Non-fraud chargebacks continued to see a steep increase (27 percent) in April, the most recent data available. ACI Worldwide said this was particularly driven by trends in the airline industry as consumers looked to secure refunds for unused airline tickets.