22 January 2008
A new report shows that the average expenditure on fraud prevention online is increasing dramatically.
CyberSource’s 2008 UK Online Fraud Report shows that annual expenditure for a medium sized company is as much as £160,000 per year. Despite the continued growth and optimism in the online retail industry e-tailers have a series of shared concerns. It is thought that efforts to tackle fraud are being hampered by a lack of co-ordination from card companies and the police, and merchants are asking for a central body to co-ordinate fraud reports.
The report explains that merchants have complained about the quality of information from the card schemes and acquirers, and a lack of interest and inconsistent approach from the police.
The suggestion from some is for a single, independent body to track organised fraud efforts, share information, direct police efforts, liaise with the card schemes and lobby the government on improving policy.
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