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The average value of fraudulent purchase attempts increased 69% in 2020, a recent Sift report reveals.
Also, several business categories were hit by both major increases in attempted fraud rates and increases in the value of those fraudulent purchases, with lodging merchants, omnichannel retailers, digital wallets, and professional marketplace companies becoming targets for online theft amid the COVID-19 pandemic.
A sophisticated fraud ring uncovered
A sophisticated fraud ring was also uncovered, dubbed Cart Crasher, that leveraged guest checkout options on donation sites to attempt to launder stolen payment information.
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