Online credit card fraud continues to be a growing concern, and online merchants are taking more precautions than ever before, according to results of the just completed 2001 Online Fraud Report.
The survey – sponsored by CyberSource Corporation, a leading provider of risk management and electronic payment solutions, and independently conducted by Mindwave Research – reveals that 65 percent of respondents are taking more precautions this year than last to prevent online fraud. Results also show that businesses selling online have a better understanding of who bears the financial rish when online fraud occurs – the merchants themselves.
Other results:
- 41% of merchants say the issue of online credit card fraud is “very serious” to their business
- 57% cited loss of revenue as most significant negative business impact related to fraud, followed closely by loss of staff time and loss of customer goodwill
- 73% cited inability to accurately detect fraud as key concern
To find out more about implementing risk management solutions at your company, contact 1-888-330-2300 or visit the CyberSource website at http://www.cybersource.com