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Watch Out, It's Cyber Monday

Today is "Cyber Monday" in the US — the Monday following Thanksgiving, which has become one of the bumper sales days across electronic commerce sites.

Every year the absolute volumes of online sales increases, as does the proportion of electronic commerce spend compared to traditional spend at physical retailers. This shift in consumer behavior has also attracted those from the criminal fraternity, who are seeking to capitalise on consumer’s lack of knowledge about safe online shopping.

The continued strength of "card not present" fraud losses shows that people continue to be duped into providing their credit or debit card credentials in an insecure manner or to unauthorised sources, particularly when online. Customer education and awareness is imperative.

Shopping at secure sites, limiting the disclosure of payment credentials, registering for and using "3 Domain" security protocols like Verified by Visa and MasterCard Secure Code, and being "offer savvy" (if it looks too good to be true, beware!) are all important elements that any prospective or current electronic commerce consumer should follow.

But there are also increasing requirements for online retailers to be smarter with their own security protocols. Data such as orders for several customers placed from the same device or for delivery to the same address, number or value of orders, or incongruity between the order and the customer (location, goods type, device details, etc.) can all help to detect anomalies and avert fraud exposure.

With seasonal shopping and subsequent sales upon us, both shoppers and shop-owners need to be vigilant.

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