Is your business at risk from ‘The Wet Bandits’ of data theft this Christmas?

09 December 2014

Christmas is supposed to be a happy time; exchanging gifts, visiting loved ones, curling up on the sofa with a mug of mulled wine and a festive film. However, it’s also the time when both retailers and consumers are at their most vulnerable to card fraud attacks.

Movie buffs will recognise the reference to Home Alone in our blog title. For those not in the know, it’s the name of the burglary team who Kevin McCallister (Macaulay Culkin) has to foil, after they break into his house whilst he’s home alone.

It’s a great family classic, but the reality is that there’s a team of Wet Bandits lurking in the shadows of every retailer this festive season. And they’re called card fraudsters.

Card fraud is a concern all year round, but Christmas is a particularly busy period. For retailers, a greater number of transactions are being processed now than at any other time of year; already we’ve seen £5.55 million spent on Black Friday in the UK, and in-store shopping is yet to reach its peak.

For consumers, having a card defrauded at Christmas can have a devastating impact – especially on those yet to finish their Christmas shopping. 29% of consumers already claim they don’t trust retailer to keep their data secure, and falling victim to data theft at the most emotionally charged time of year will only add to that statistic.

The fact of the matter is, let your customers down in the build-up to Christmas and they are likely to be put off returning in the New Year. This is why it’s critical for retailers to have watertight card payment security in place across all channels during the festive season and beyond.

With Christmas shopping now in full swing, the only thing retailers concerned about data breaches can practically do at this point is stay vigilant. The threat of fraud won’t disappear in 2015, however, so it’s important to make sure your payment security is in safe hands for the year ahead – leaving you free to focus on increasing your bottom line and providing outstanding customer service.  

Is your business at risk from ‘The Wet Bandits’ of data theft this Christmas?

Christmas is supposed to be a happy time; exchanging gifts, visiting loved ones, curling up on the sofa with a mug of mulled wine and a festive film. However, it’s also the time when both retailers and consumers are at their most vulnerable to card fraud attacks.

Movie buffs will recognise the reference to Home Alone in our blog title. For those not in the know, it’s the name of the burglary team who Kevin McCallister (Macaulay Culkin) has to foil, after they break into his house whilst he’s home alone.

It’s a great family classic, but the reality is that there’s a team of Wet Bandits lurking in the shadows of every retailer this festive season. And they’re called card fraudsters.

Card fraud is a concern all year round, but Christmas is a particularly busy period. For retailers, a greater number of transactions are being processed now than at any other time of year; already we’ve seen £5.55 million spent on Black Friday in the UK, and in-store shopping is yet to reach its peak.

For consumers, having a card defrauded at Christmas can have a devastating impact – especially on those yet to finish their Christmas shopping. 29% of consumers already claim they don’t trust retailer to keep their data secure, and falling victim to data theft at the most emotionally charged time of year will only add to that statistic.

The fact of the matter is, let your customers down in the build-up to Christmas and they are likely to be put off returning in the New Year. This is why it’s critical for retailers to have watertight card payment security in place across all channels during the festive season and beyond.

With Christmas shopping now in full swing, the only thing retailers concerned about data breaches can practically do at this point is stay vigilant. The threat of fraud won’t disappear in 2015, however, so it’s important to make sure your payment security is in safe hands for the year ahead – leaving you free to focus on increasing your bottom line and providing outstanding customer service.