The U.S. online shopping world's biggest day is here, but will strong web sales on Black Friday and Thanksgiving cut into Cyber Monday's take?
Research from the CyberSource Corp. shows that consumer electronics is the toughest retail category for separating fraudulent online orders from good ones.
Although the percent of online orders lost to fraud has been steadily decreasing, to 1.4% in 2006, the value of fraudulent orders, projected to hit $3 billion this year, continues to rise along with the overall growth of retail e-commerce, CyberSource Corp. reports in its 8th Annual Online Fraud Survey. A big challenge for retailers is trying to catch as many fraudulent orders as possible without rejecting too many good orders-and without breaking their fraud management budgets. 20% of merchants plan to increase their staffs that review orders manually, while 37% are using 5-9 fraud-prevention tools, such as IP geolocation, order-velocity monitoring and address verification.