Tuesday, April 07, 2020
View ShowroomNAPLES, Fla./LONDON, UK—April 7, 2020—The COVID-19 crisis is driving the global growth of eCommerce sales, with millions of consumers worldwide in quarantine shopping for goods, services and entertainment online. Transaction volumes in most retail sectors have seen a 74 percent rise in March compared to the same period last year, while online gaming has seen a staggering increase of 97 percent, according to analysis by ACI Worldwide of hundreds of millions of transactions from global online retailers.
“During these unprecedented and uncertain times with millions now at home, many consumers are going online to purchase products or services,” said Debbie Guerra, executive vice president, ACI Worldwide. “Quarantine has changed lives for all of us, with consumers buying electronics and furniture—to support work, communication, school and entertainment—as well as items such as home goods and DIY products.”
However, fraud is on the increase too, the research shows, as fraudsters are using the surge in online activity to target unsuspecting consumers and merchants. Merchants are starting to experience dramatic increases in COVID-19-related phishing activities, with stolen credentials released into the eCommerce payments chain, as well as increased friendly fraud activities.
“Fraudulent attempts are on the rise, and consumers must be vigilant as fraudsters are using the current situation to obtain and use their financial data and information,” continued Guerra.
Key Findings:
Online retailer sectors with rising transaction volumes in March 2020 compared to the previous year include:
Online retail sectors with declining transaction volumes in the same period:
Fraud Trends:
“Long term, we and others in the industry predict that the shift in consumer behavior—opting for online purchases—is likely to outlast the crisis,” concluded Guerra. “The industry is well ahead of the curve in adapting payment methods and ways to combat fraud in response to the changing behaviors and expectations of consumers, which are now being expedited by the lockdown.”
Tips for Consumers to protect identity and personal information during the COVID-19 crisis:
Tips for Merchants to maintain security and deliver to customers during the COVID-19 crisis:
About ACI Worldwide
ACI Worldwide, the Universal Payments (UP) company, powers electronic payments for more than 6,000 organizations around the world. More than 1,000 of the largest financial institutions and intermediaries, as well as thousands of global merchants, rely on ACI to execute $14 trillion each day in payments and securities. In addition, myriad organizations utilize our electronic bill presentment and payment services. Through our comprehensive suite of software solutions delivered on customers’ premises or through ACI’s private cloud, we provide real-time, immediate payments capabilities and enable the industry’s most complete omni-channel payments experience. To learn more about ACI, please visit www.aciworldwide.com. You can also find us on Twitter @ACI_Worldwide.
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