Financial Cybersecurity Statistics for Black Friday and Cyber Monday 2025: What the Numbers Reveal
Updated · Nov 27, 2024
Black Friday and Cyber Monday are among the most anticipated shopping events of the year, but they’ve also become prime hunting grounds for cyber criminals. Imagine this: a retailer’s website crashes on Black Friday morning, leaving thousands of customers locked out of their carts and the company scrambling to recover. The culprit? A sophisticated DDoS attack is one of many tactics used by cybercriminals during these high-traffic events. This is the reality businesses face today, with the stakes rising every year. This article delves into the statistics and trends shaping financial cybersecurity during Black Friday and Cyber Monday, offering a comprehensive view of the landscape in 2024.
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- Cyberattacks during Black Friday and Cyber Monday are projected to rise by 20% in 2024, following a 15% increase in 2023.
- Financial fraud cases during holiday shopping periods account for nearly $8.5 billion annually, with $2 billion occurring in the US alone.
- E-commerce platforms experience a 65% surge in phishing attacks during Black Friday sales, targeting payment systems and consumer data.
- In 2024, it’s expected that 45% of holiday shoppers will face some form of attempted cyberattack, compared to 40% in 2023.
- Ransomware incidents have doubled during high-volume shopping weekends, with average demands exceeding $250,000 per incident.
- Financial institutions report detecting 30% more fraudulent transactions during Cyber Monday, with card-not-present fraud being the most prevalent.
- Globally, 72% of businesses admit they are underprepared to handle the surge in cyber threats during these shopping events.
Increase in Cyberattacks During Black Friday and Cyber Monday
- Cybercriminal activity spikes by 70% during Black Friday compared to regular shopping days.
- In 2023, there were over 1.8 million DDoS attacks recorded on e-commerce websites, with 70% of these targeting checkout systems.
- Credential stuffing incidents surged by 80% during Cyber Monday in 2023, affecting over 40 million accounts globally.
- Small retailers are particularly vulnerable, with 56% of SMBs reporting an attack during Black Friday sales last year.
- A recent study revealed that 32% of phishing scams on Black Friday specifically targeted digital wallets like PayPal and Apple Pay.
- Attacks on mobile apps used for shopping increased by 50% in 2023, with malicious app clones deceiving thousands of consumers.
- Experts predict $10 billion in financial losses globally from cyberattacks during the Black Friday and Cyber Monday sales period in 2024.
| Type of Attack or Metric | Value | Notes |
| Spike in cybercriminal activity during Black Friday | 70% | Compared to regular shopping days |
| DDoS attacks recorded on e-commerce websites | 1.8 million | 70% targeting checkout systems |
| Credential stuffing incidents during Cyber Monday | 80% | 40 million accounts affected |
| Small retailers experiencing attacks | 56% | During Black Friday sales |
| Phishing scams targeting digital wallets | 32% | Focused on PayPal, Apple Pay |
| Mobile app shopping attacks | 50% | Increase in malicious app clones |
| Predicted financial losses from cyberattacks | $10 billion | Global |
Common Types of Cyber Threats Targeting Financial Transactions
- Phishing scams remain the most common threat, accounting for 42% of attacks on financial transactions during Black Friday and Cyber Monday in 2023.
- Ransomware attacks have seen a 30% rise, with businesses targeted for customer financial data during holiday sales events.
- Card-not-present fraud accounted for over 75% of online fraud cases in 2023, making it the leading method used by cybercriminals during shopping sprees.
- Credential stuffing has become a significant issue, with attackers using stolen login credentials to breach accounts; incidents rose by 50% in 2023.
- Fake e-commerce sites increased by 38% last year, tricking consumers into entering payment details and personal information.
- Malware-infected ads, or malvertising, were responsible for spreading malicious software to 25% of users visiting fake shopping platforms in 2023.
- Man-in-the-middle (MitM) attacks, often targeting public Wi-Fi networks, were linked to over 18% of financial breaches during Cyber Monday.
Financial Losses Attributed to Cybercrime in the Retail Sector
- Global financial losses due to retail cybercrime reached $6.3 billion in 2023, with the US contributing $2.1 billion.
- E-commerce platforms bore the brunt, losing an estimated $3 billion annually to data breaches and fraudulent transactions.
- Chargeback fraud, where customers dispute legitimate charges, cost businesses $1.5 billion during the 2023 holiday shopping season.
- Losses from payment fraud schemes increased by 28% year-over-year, affecting over 65% of retailers globally.
- Fake refunds and returns schemes resulted in losses exceeding $450 million during last year’s Black Friday period.
- Small and medium-sized businesses (SMBs) reported an average loss of $120,000 per cyberattack, up 35% from 2022.
- Credit card fraud involving stolen details impacted 1 in 5 retailers, leading to a $600 million loss globally in 2023.
| Type of Loss | Value | Notes |
| Global financial losses | $6.3 billion | Total retail sector losses |
| US financial losses | $2.1 billion | Contribution from the US |
| E-commerce data breaches | $3 billion | Annual losses |
| Chargeback fraud losses | $1.5 billion | During holiday season |
| Fake refunds/returns schemes | $450 million | During Black Friday |
| Average SMB loss per cyberattack | $120,000 | 35% increase from 2022 |
| Credit card fraud losses | $600 million | Global impact |
Impact on Consumer Trust and Spending Behavior
- 45% of shoppers reported feeling unsafe making online purchases during Black Friday and Cyber Monday in 2023, up from 38% in 2022.
- Surveys indicate that 62% of consumers would avoid a retailer if they experienced a security breach, impacting brand loyalty.
- 33% of shoppers reduced their spending on e-commerce platforms in 2023 due to concerns about data breaches.
- Retailers that suffered cyberattacks during Black Friday reported a 20% drop in revenue for the rest of the quarter.
- 70% of millennials expressed distrust in websites lacking multi-factor authentication, impacting overall online sales.
- Consumer trust recovery after a data breach typically takes 8–12 months, highlighting the long-term impact of cybercrime.
- 82% of customers preferred using secure payment gateways like PayPal or Google Pay to protect their financial data.
Measures Implemented by Financial Institutions to Enhance Security
- Financial institutions adopted real-time transaction monitoring, reducing fraud incidents by 40% in 2023.
- Tokenization technology, which replaces sensitive card information with encrypted data, is now used in 65% of online transactions.
- Biometric authentication has been integrated into 50% of mobile banking apps, enhancing security for online shoppers.
- AI-driven fraud detection systems helped prevent an estimated $1.3 billion in fraudulent transactions in 2023.
- Two-factor authentication (2FA) is now mandatory for 80% of major US banks, reducing unauthorized access.
- Bank-sponsored awareness programs educated over 1 million consumers about cyber threats during holiday sales.
- Financial institutions invested $2 billion in cybersecurity enhancements in 2023 to prepare for Black Friday and Cyber Monday.
Recent Developments in Financial Cybersecurity
- Zero Trust architecture is gaining traction, with 55% of organizations adopting it to secure their financial systems.
- Blockchain-based payment solutions are reducing fraud risks, with 30% of retailers exploring this technology in 2024.
- AI-powered chatbots are increasingly used for fraud detection, with 65% accuracy in identifying anomalies in real time.
- Cyber insurance adoption among retailers rose by 20% in 2023, mitigating financial risks from data breaches.
- Decentralized payment networks, leveraging blockchain, are emerging as safer alternatives for high-volume transactions.
- Quantum computing poses new threats, prompting $500 million in R&D investments toward quantum-safe cryptography.
- Collaboration between tech companies and financial institutions has led to the development of integrated cybersecurity solutions, enhancing fraud prevention.
Conclusion
As we move into 2024, financial cybersecurity remains a critical concern for businesses and consumers alike, especially during high-stakes shopping events like Black Friday and Cyber Monday. The rise in cyberattacks underscores the need for robust security measures and consumer vigilance. By investing in cutting-edge technologies, enhancing fraud detection, and fostering trust, the industry can combat these threats effectively. Ultimately, the fight against cybercrime is a shared responsibility that requires ongoing adaptation and innovation.
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Barry Elad is a dedicated tech and finance enthusiast, passionate about making technology and fintech concepts accessible to everyone. He specializes in collecting key statistics and breaking down complex information, focusing on the benefits that software and financial tools bring to everyday life. Figuring out how software works and sharing its value with users is his favorite pastime. When he's not analyzing apps or programs, Barry enjoys creating healthy recipes, practicing yoga, meditating, and spending time in nature with his child. His mission is to simplify finance and tech insights to help people make informed decisions.
