News, Education and Events Decoding Digital Payments & Fraud

News, Education and Events Decoding Digital Payments & Fraud

Adjusting Your Fraud Prevention Strategy for the Holidays

U.S. Consumers Spend More, Care Less about ID Theft at Holidays: Report

U.S. consumers will spend an average of $846 each on gifts this holiday season, an increase of 14 percent from last year, according to Experian Partner Solutions in its Annual Holiday Shopping Survey. The company also found that across all demographics, nearly half (47 percent) of U.S. consumers will do most of their shopping online. Millennials lead the way in this category, with 55 percent reporting they will do most of their shopping online (22 percent say they will do most on a mobile device while 33 percent will use a PC).

Protecting their identities, however, is less of a priority than it used to be, according to the report. When asked to rate how concerned they are about having their identities stolen during holiday shopping, the percentage of people who reported absolutely no concern rose from 10 percent in 2017 to 17 percent this year. And those who were most concerned about ID theft fell from 35 percent to 27 percent. Nearly 15 percent of U.S. shoppers said they would willingly risk having their identities stolen in exchange for a good deal on Cyber Monday.

At the same time, however, nearly 80 percent said their bank should be doing more to protect them from ID theft.

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