Experian has warned consumers and businesses to be cautious this Black Friday and Christmas as a surge in fraudulent activity is expected.
Its research found that the fraud rate for credit card applications has increased by 43% in the past three months and is expected to peak in November and December.
The report also said the rate has increased by 107% between December 2016 and December 2020.
Experian stated that the rise in e-commerce use over recent use requires firms to quickly confirm a customer’s identity.
At the same time, the company said customers should be aware of how they can best protect their personal details and information while shopping.
Experian head of identity and fraud Eduardo Castro said, “The UK is experiencing a severe wave of fraud which shows no signs of abating and it is highly likely, as many of us head online to do Christmas shopping, that the trend will be even more pronounced over the next month.
“The risk is to both businesses and consumers. With such a volume of digital transactions being carried out, it’s critical organisations can confirm their customers’ information is legitimate as frictionlessly as possible, while consumers should do all they can to protect their information online.
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