Web fraud reduced by vigilance
27 November 2003
Research indicates that fraud no the internet can be reduced by the vigilance of retailers, but only at a cost.
A survey of US online retailers conducted by The CyberSource Corporation showed that the 33 businesses consulted expected to lose around $1.6 billion (1.7 p[er cent of their revenue) to fraud in 2003, down from 2.9 per cent the previous year.
That positive picture is tainted somewhat, though, by the suggestion that those savings may be outweighed by the cost of combating fraud.
The number of orders being checked manually has risen this year to 23 per cent (form one in five in 2002), which has implications for staff costs.
Two thirds of online retailers (up from 20 per cent last year) consider online fraud to be a serious or very serious problem for them.
44 per cent (up ten per cent) of vendors use a card verification scheme, while 75 per cent use address verification services (an increase of four per cent from 2002).
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