Austin, Texas, Nov. 23, 2023—As the holiday season approaches, SEON, a leader in online fraud prevention, has shed some light on the unique challenges and trends that businesses face during Black Friday and Cyber Monday. Drawing from its own internal data, SEON presents a nuanced picture for online businesses operating during this period.
Notably, the data indicates a substantial surge in online transactions during Black Friday and Cyber Monday, with more than a 150% increase compared to average daily transactions. This period, traditionally marked by high sales volume, underscores the vital role of efficient and secure online transaction processing for businesses.
Despite Black Friday and Cyber Monday being notorious for heightened fraudulent activities, SEON's analysis reveals a decline in the percentage of transactions flagged for review during this period last year.
However, the increase in legitimate business activity comes with its own set of challenges. SEON's data from 2022 highlights an alarming hike in 'false positive' transactions – legitimate transactions incorrectly marked as fraudulent. This rise indicates the difficulty some businesses have in determining potentially fraudulent users during busy times and an inclination to be more cautious.
Tamas Kadar, CEO and Co-Founder of SEON, commented: "The landscape of online transactions is continually evolving, especially during high-volume periods like Black Friday and Cyber Monday, which are always busy days for fraudsters.
“At the same time as our research indicates, it’s never been more crucial for businesses to deploy advanced, adaptive security measures that can distinguish between legitimate customers and fraudulent activities without compromising the user experience. Ultimately, without these methods in place companies risk losing business from genuine customers.”
For more information about SEON, please visit: seon.io/
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Source: Company press release.