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. ”
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.
Headquartered in Portland, OR, iovation was founded with a simple guiding mission: to make the Internet a safer place for people to conduct business. Since 2004, the company has been delivering against that goal, helping large brands protect their end users against online fraud and abuse that’s increasingly more common in today’s hacker culture. Using an intuitive and high availability product suite that focuses on authentication and fraud prevention, iovation identifies trustworthy customers through an advanced combination of device authentication and real-time risk evaluation. Armed with the world’s largest device-based fraud prevention database, iovation safeguards tens of millions of transactions against fraudulent activities each day. And the world’s foremost fraud experts regularly contribute their learnings as members of iovation’s Fraud Force Community, an exclusive virtual crime-fighting network.