Majority of Traffic is show "None" for Original Referring Domain
We launched a new site for people to sign up for a new type of checking account. However, over 95% of our 35K site visitors to date are showing an Original Referring Domain as "None". We are trying to figure out if there is an issue with our site recording the Original Referring Domain, or if we have a bunch of fraud visitors.
So far, I looked at the device type, device OS, and user location, and they all seem very diverse. This makes me think it is not fraud, but we also have a site conversion rate of 40%, which seems like fraud.
Any thoughts or guidance would be greatly appreciated.