A new TransUnion report shows a promising trend in digital fraud during the 2024 Black Friday shopping period, with global suspected fraud rates declining compared to the previous year. The study, which examined eCommerce transactions from November 28 to December 2, found that worldwide suspected digital fraud attempts decreased from 6.0% in 2023 to 4.6% in 2024.
The analysis covered six African countries, revealing varied fraud patterns across different regions. While some countries like Botswana and Namibia saw an increase in suspected fraud attempts, others, including Kenya, Rwanda, South Africa, and Zambia, experienced a decrease.
Some of the key findings from the study include:
- The average daily volume of suspected digital fraud attempts was 30.2% lower than the same period in 2023.
- November 28 was the most fraudulent day, with 5.3% of global digital retail transactions suspected of being fraudulent.
- Unique fraud indicators this year included unusually high transaction volumes from a single device and newly associated devices with accounts.
Amritha Reddy, Senior Director for Solutions at TransUnion Africa, noted the changing landscape of holiday shopping and further emphasized the importance of maintaining fraud prevention measures year-round. “Across Africa, we have observed that Black Friday shopping has extended beyond the original five-day period, with retailers promoting sales throughout the entire month of November,” she explained.
The report provided actionable advice for both consumers and businesses to protect against digital fraud. Consumers were advised to verify website security, be cautious of unrealistic deals, use secure payment methods, and monitor financial statements.
As for businesses, they were recommended to train employees, communicate fraud risks, leverage real-time verification tools, and establish clear anti-fraud protocols.
Country-specific fraud rates varied significantly, with Kenya maintaining the highest suspected fraud rate at 10.3%. Botswana had the lowest rate at 3.8%, while South Africa remained relatively stable at 1.9%.
