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.
KEY FINDINGS INCLUDE:
- 45 percent: Increase in account takeovers in Q2 2017
- $3.3 billion: Amount lost by merchants to account takeovers in Q2 2017
- $57.8 billion: Value of potential fraud in the eight industries studied by the Index
- 5.5 percent: Increase in total fraud from Q2 2016 to Q2 2017
- 11.64 percent: Fraud rate of transactions over $500, 22 times higher than the fraud rate for transactions worth less than $100