UK retailers are expected to see a dangerous spike in online criminal activity in the run up to Christmas 2016.
Digital Identity firm, ThreatMetrix, warned the attacks could result in losses of millions of pounds.
According to the firm’s Q3 2016 cyber crime report more than 20 million cyber attacks are expected to target online retailers and shoppers in the UK during the last few months of the year.
The report is based on analysis from the ThreatMetrix Digital Identity Network, which protects more than 20 billion transactions around the world each year.
The report predicts 50 million global online attacks over the cyber weekend next week.
According to the report big retailers will see huge transaction peaks with up to ten times the daily average on key shopping days.
Analysts also expect 50% of eCommerce transactions to come from mobile as consumers use the convenience of mobile to make timely purchases.
According to Julie Conroy, research director at Aite Group, the research and advisory firm, the escalation of cyber attacks combined with the fact that more consumers than ever will shop online this holiday season means that 2016 will be a “banner year for fraudsters”.
She said: “It’s more important than ever for online merchants to employ technology that can help them effectively differentiate good customers from bad,.”
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