This past Black Friday, Visa reported a notable 11% increase in transaction volumes in the UK compared to the same period last year, marking a 16% rise from an average Friday.
According to Financial IT, during the entire Black Friday to Cyber Monday weekend, spending surged by 12% year-over-year.
However, the shopping spree was not without its challenges, as Visa’s advanced monitoring systems detected and blocked a staggering 410% more suspected fraudulent activities in the UK this Black Friday compared to 2023. Over the whole weekend, the increase in prevented fraud attempts amounted to 117% compared to the previous year. Mandy Lamb, managing director for Visa UK & Ireland, highlighted the dual nature of this shopping event. “Black Friday is a clear fixture in the UK’s shopping calendar, and this year is no exception. But it is also a good reminder that whenever people are looking to spend their hard-earned money, there are also fraudsters looking for potential victims. At Visa, our network protects every transaction no matter how big or small, helping consumers shop safely and securely all year round,” she said.
In terms of spending preferences, supermarkets emerged as the favourite shopping destination on Black Friday, capturing 45% of all transactions processed through Visa’s network. This was closely followed by restaurants, which accounted for 31% of the spend, and retail outlets, at 12%.
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