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Digital Identity, Security & Online Fraud

Account takeover rises 45 percent, puts online retailers at a loss of USD 3.3 bln

Friday 27 October 2017 | 12:29 PM CET

A PYMNTS and Signifyd report has revealed that while representing only a fraction of the volume of stolen financials, in Q2 2017, account takeover fraud rose by an alarming rate of 45%.

The October 2017 Global Fraud Index analyses the recent changes in fraud by examining transactions of more than 5,000 ecommerce merchants in North America, Asia and Europe. In addition, the index takes a deep-dive on the state of fraud in Australia, where ecommerce fraud is rising rapidly.

In general, the fraud rate for transactions valued over USD 500 was over 22 times higher than for transactions valued under USD 100. Fraud rates for transactions exceeding USD 500 increased from 10.93% to 11.47%, while transactions under USD 500 showed an overall decrease in fraud rate.

Account takeover fraud had begun rising sharply months before the Equifax data breach was announced. But with the breach compromising the personal data of nearly 45% of American adults, the account takeover fraud trend is unlikely to come to an end any time soon.

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