UK retailers are expected to be hit with one million cyber fraud per day this festive season.
ThreatMetrix, a fraud prevention firm, have warned retailers that new research data suggests that 50 million global online fraud attacks are expected to be attempted over Black Friday and Cyber Monday shopping week.
As online sales activity is so prominent this time of year, Fraudsters are expected to take advantage of the IT teams who are busier than usual, hoping to go slip through systems unnoticed due to the high volume of transactions.
“It’s not that fraudsters expect IT teams to take their eye off the ball, but they are opportunists, so are looking to take advantage of periods where their fraudulent transactions are less likely to be spotted,” product and data evangelist Rebekah Moody told Infosecurity.
She goes on to explain that the high volume of customers also means retailers lower their risk tolerance to let more through without added friction.
This announcement comes after Tesco Bank fell victim to one of the worst fraud attacks in history, seeing fraudsters remove funds from thousands of customers accounts and costing the retailer millions in repayments.