What’s on a fraudster’s wish list?
According to e-commerce fraud prevention company Forter, luxury footwear is among the products criminals are stealing most frequently this season. The recent report, which compared fraud attack rates during Black Friday and Cyber Monday with annual averages, found that Louboutins and Balenciagas were targeted at almost double their normal rates.
“Designer shoes, like luxury goods, are an ideal target amongst fraudsters because while the value of one item leads to a lucrative payoff, the products are not so expensive that merchants must scrutinize the intentions behind each purchase to great lengths,” the firm’s co-founder and CEO, Michael Reitblat, told FN.
A Deloitte study released in October predicted that online sales would rise between 17 and 22 percent during this year’s holiday season, with more than half of shoppers expected to buy apparel and shoes as gifts.
“As consumers seek coveted designer gifts for the holidays, they often turn to third-party sites to find the best bargains, creating a market for fraudsters looking to resell luxury goods for a quick profit,” Reitblat explained.
Additionally, he predicts that criminals looking to cash in on the value of stolen goods will do so sooner rather than later. In fact, both affordable and pricey winter apparel such as fleece hoodies and waterproof boots made the list, revealing that the seasonal market proved more important than the cost of the item itself.
Watches like Tissot, designer sunglasses and makeup palettes were also highly targeted, as well as gift cards.
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