As expected, the annual Black Friday helps retailers to increase sales in the Christmas business again this year. Especially the online business is flourishing during this time. Providers entice with offers specially designed for this day and can record strong sales; consumers expect worthwhile “bargains” in their online purchases. Accordingly, an increased online payment traffic is usually to be expected on Black Friday. However, criminals also take advantage of this high volume of transactions.
Oliver Ott, Regional Sales Director DACH IAM at Thales
“One of the many challenges that retail businesses face on Black Friday is online transactions,” says Oliver Ott, Regional Sales Director DACH IAM at Thales Germany. “These will be done more and more on this day”. Online shopping is steadily increasing in Germany. According to Statista, the proportion of Internet users in Germany who have made an online purchase in the last 12 months is 95 percent.
Companies are increasingly confronted with fraud attempts, regardless of where the customer is located. According to the “Thales 2021 Data Threat Report “, IT decision-makers in retail have reported the most data breaches. 71 Percent of respondents from this industry stated that they had been affected by a data breach before – 39 percent even in the last 12 months.
One method to make it more difficult for hackers to access customer account data is to introduce multi-level authentication. The risk of a security breach is significantly reduced, even if this requires an additional step when logging into an online retail account to ensure that the customer is who he claims to be. And the more customers become aware of cyber risks, the more they are willing to take additional security precautions. It is important for online retailers to turn every visit into a sale. You are looking for a smooth user experience with maximum conversion rates.
Criminal hackers like to make events like Black Friday their own for sophisticated attacks, because they can plan their activities months in advance. Companies must therefore be particularly attentive when increased use of infrastructures is to be expected. Especially then, taking additional security precautions is essential to ensure a smooth and secure running of the Black Friday business.