THE MAGAZINE

Quick Bytes: Online fraud trends

By Peter Piazza

Online retailers are hit with fraud from international orders at a rate that is twice the overall average. It’s not surprising, then, that these merchants reject international orders at a rate that is three times higher than for domestic orders. And while online fraud rates are stable (down from 1.8 percent in 2004 to 1.6 percent last year), losses from online payment fraud have grown by an estimated 20 percent during the same period, accounting for nearly $3 billion in lost revenues in 2005. There’s more on online fraud trends, merchant practices, and benchmarks in the 7th Annual Online Fraud Report, sponsored by CyberSource Corporation. Get it via SM Online.

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