Report: The ‘Fraudiest’ Person in the U.S. is 90 Years Old (or Pretending to Be)

Oct. 22, 2015

Report: The ‘Fraudiest’ Person in the U.S. is 90 Years Old (or Pretending to Be) When Sift Science, an antifraud technology provider based in Silicon Valley, scoured a year’s worth of transaction data to assemble a profile of the average online fraudster, it found men in the 85-90 age range were 2.5 times more likely to be fraudsters. At least, that’s how those users identify themselves when making fraudulent transactions. The San Francisco-based company, which applies a machine-learning solution and big data analytics to online fraud prevention, looked at 1.3 million transactions from August 2014 to August 2015 and found the “fraudiest” person in America is male, 85-to-90 years old, placing an order worth $0 to $20, shipping the product to Delaware and billing to a credit-card holder who listed Alaska as his residence.

Sift Science found other patterns associated with fraud, as well. Regardless of time zone, 3 a.m. local time is the most popular time to commit fraud. And, fraudsters tend to work on weekdays rather than weekends, just like everyone else. Also, accounts that are less than three days old are three times as likely to be fraudulent, although aging accounts beyond 60 days is becoming more common. Accounts that are two months old are twice as likely to be fraudulent as accounts that are at least six months old.

“We continue to see fraud behavior consistent across various industries, and reveal identifying factors that help us track and score today’s most advanced fraudsters for our customers,” said Jason Tan, CEO and co-founder of Sift Science. “This not only helps our customers understand the risk of each transaction made on their Websites, but also automate business decisions based on that risk. As a result, this data not only showcases typical fraudulent behavior, but allows some of today’s premier online retailers to deliver a better customer experience to good users.”

Download a copy of Sift Science’s United States of Fraud here.