PYMNTS.com reports merchants have landed some counterjabs in the fight against fraud, with online fraud decreasing 34.7% since Q1 2017. Download the full report of the May 2017 Global Fraud Index to get the full rundown.
High-value orders have the highest fraud rates – online orders worth more than $500 have an almost 20-times-higher fraud rate than lower-value transactions. In Q1 2017, California accounted for 18.9 percent of total fraud in the U.S. – followed by New York, which accounted for 15 percent and Florida, which accounted for 9.9 percent of total fraud. Jewelry and Precious Metals merchants saw an average charge back of $1,970, the highest among the eight analyzed merchant categories. The Consumer Electronics industry still has the second-highest average chargeback – $1,456 – for orders over $500.