SOURCE: iovation

iovation

December 02, 2015 08:20 ET

More Consumers Now Using Mobile Devices for Thanksgiving Weekend Purchases Than Rest of Year

New Iovation Data Reveals Significant Increases in Mobile Transactions From Black Friday to Cyber Monday

PORTLAND, OR--(Marketwired - Dec 2, 2015) - iovation, the provider of device intelligence for trusted authentication and fraud prevention, released new data that shows an impressive 48 percent of retail online transactions at its peak during the recent Thanksgiving weekend were made using mobile phones and tablets. This marks a 17 percent increase over the rest of the year, in which mobile transactions accounted for 41 percent of all online retail transactions.

Mobile transaction data for specific post-Thanksgiving days showed the following:

  • 46 percent on Black Friday, Nov. 27
  • 48 percent on Saturday, Nov. 28
  • 47 percent on Sunday, Nov. 29
  • 39 percent on Cyber Monday, Nov. 30

"With this fresh data, it's clear that consumer purchases using mobile devices spiked over the weekend, as we predicted," said iovation's Vice President of Product Scott Olson. "Interestingly, as dramatically as mobile usage increased over the weekend, it then decreased on Cyber Monday. This is likely a result of consumers returning to work and their normal shopping habits using a desktop or laptop."

Online Retail Booms from Black Friday to Cyber Monday

iovation found that online retail transactions made from Black Friday through Cyber Monday 2015 increased 143 percent from 2013 and 43 percent from 2014. In addition, iovation's data showed that on Cyber Monday 2015, there were approximately 50 percent more online retail transactions than a typical recent Monday.

"Cyber Monday continues to be the holy grail for online retailers," said Olson. "For example, the number of transactions jump tenfold from a typical Monday to November 30 for many of our customers who are among the world's most recognizable retailers. Furthermore, credit applications submitted to some of our financial customers tripled from Black Friday to Cyber Monday meaning more people are buying big ticket items."

Fraud Findings

In addition, iovation's analysts took a close look at fraud data during the early holiday shopping season. They determined during the four-day period that:

  • 1.06 percent of retail online transactions were fraudulent.
  • 0.62 percent of all retail online transactions conducted from mobile devices were fraudulent.
  • 0.15 percent of financial services industry transactions were fraudulent.
  • 0.17 percent of all financial services online transactions conducted from mobile devices were fraudulent.
  • The top types of online fraud were: 1) credit card fraud, 2) identity theft and 3) friendly chargebacks -- when a customer uses a legitimate credit card to make a purchase, but then disputes the transaction, resulting in a chargeback to the site.

iovation came to these conclusions by analyzing the tens of millions of transactions that its fraud prevention solutions processed from Black Friday to Cyber Monday. The company determines whether or not a transaction is trustworthy for some of the world's biggest global brands through a combination of advanced device identification, shared device reputation including 25 million client-contributed fraud reports, and real-time risk evaluation. This creates unique insight into retail and financial industry transactions -- two key sectors for holiday shopping.

About iovation

iovation protects online businesses and their end users against fraud and abuse, and identifies trustworthy customers through a combination of advanced device identification, shared device reputation, device-based authentication and real-time risk evaluation. More than 3,000 fraud managers representing global retail, financial services, insurance, social network, gaming and other companies leverage iovation's database of billions of Internet devices and the relationships between them to determine the level of risk associated with online transactions. The company's device reputation database is the world's largest, used to protect 13 million transactions and stop an average of 250,000 fraudulent activities every day. The world's foremost fraud experts share intelligence, cybercrime tips and online fraud prevention techniques in iovation's Fraud Force Community, an exclusive virtual crime-fighting network. For more information, visit iovation.com.

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