On-Line Fraud Fight: How It Has Evolved

Bank Technology News, October, 2003 by Karen Krebsbach

The Federal Trade Commission says 27.3 million Americans have been victims of identity theft in the last five years, including 9.9 million people in the last year alone, costing companies $48 billion and consumers $5 billion. Gartner Inc. warns that 18 percent of Web merchants surveyed say a lack of customer authentication is their biggest concern with on-line payment systems. In May, the Department of Justice reported the FTC received 263,000 fraud complaints in 2002, nearly half of which were Internet-related. Following this issue for years is Trevor Healy, vp of payments for Mountain View, CA-based VeriSign. As the largest provider of U.S. on-line payment services, it handles 30 percent of all North American e-commerce transactions, working with 94,000 retail merchants to...

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