Protecting against Black Friday fraud

Deep in the throes of Thanksgiving, Black Friday, and Cyber Monday, it’s crucial for retailers to prioritise strong payment fraud protection measures to ensure a safe and secure shopping experience for customers. Our latest industry report, Payments Performance for Retail, sheds light on the importance of implementing robust fraud protection strategies to safeguard against potential threats during this peak period.

Shoppers care about security

A significant 41% of shoppers select payment methods based on how secure they perceive them to be. This emphasis on security highlights the importance of implementing secure payment solutions that help build trust among customers.

The top features shoppers look for when shopping online include familiar payment brand logos, a lock symbol on the checkout page and biometric authentication options. These features can play a role in reassuring shoppers about the security of their transactions and are pivotal in instilling confidence when shopping online.

The perceived risk of fraud can hinder International purchases

Over half (52%) of shoppers who have avoided purchasing retail items from overseas cite the risk of fraud as a major concern. This demonstrates how fraud concerns can influence consumer behavior and impact cross-border transactions and business success. Among shoppers who are comfortable with International purchases, 99% expressed a desire to pay via their regular preferred payment method, while 94% wished to pay in their local currency.

Importance of seamless payment transactions

Retailers can balance creating a frictionless checkout experience that includes strong authentication methods with clear security indicators. This approach not only protects customer data but helps prevent fraud, which is important during periods of high volume. By emphasising security while providing a seamless payment experience, retailers build trust with customers, reduce the risk of fraud, and ensure a safe shopping environment that keeps people coming back.

To gain further insights and guidance on how merchants can protect customers and revenue during the peak shopping period, download our Payments Performance Retail report.