CyberSource survey shows online retailers expect credit card fraud to get worse

Internet Business News, Nov 22, 2002

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Electronic payment and risk management solutions provider CyberSource Corp has completed a survey showing that credit card fraud will hit 3% of all online sales in 2002.

The company also found that 71% of online merchants intend to use address verification services in a bid to reduce fraud, compared to 46% one year ago. A further 59% of all those questioned claimed to be encrypting stored credit card numbers, up from 48% the year before.

Other results showed that 49% of all companies now have a risk management employee that is responsible for combating online credit card fraud while 29% are expecting fraud to get worse as it gets towards Christmas.

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