The Global Fraud Index™, a PYMNTS and Signifyd collaboration, analyzes fraud attempts on eCommerce merchant websites, reflected as a percent of eCommerce transactions and tracks what’s trending. Have the attempts gone up? Down? Stable? That’s pretty critical because the key to preventing fraud is understanding where fraud is originating, what tools the fraudsters are using and which industries and areas they are targeting.
The Fraud Index reports this in several ways. Each index includes a metric that quantifies the rate of fraud attempts on eCommerce merchants and how that changes over time. The index examines different aspects of fraud, such as which countries or regions are most seriously threatened by fraud and which industries should take a closer look at what’s happening around them. It also explores what can be done to stop or slow down fraud trends and how those methods are (or are not) working.
Global Fraud - 2017
KEY FINDINGS INCLUDE
Since Q1 2016, fraud overall has gone down by 34.7 percent
High-value orders have the highest fraud rates – online orders worth more than $500 have an almost twenty-times-higher fraud rate than lower-value transactions.
Jewelry and Precious Metals merchants saw an average charge back of $1,970, the highest among the eight analyzed merchant categories. The Consumer Electronics industry still has the second-highest average chargeback – $1,456 – for orders over $500.