Recently we were victims of online fraud through a chargeback. Although reports show the percent of fraud losses through chargebacks is less than half of the total of fraud losses this still hurt the bottom line.
Managing online fraud is a significant and growing cost for merchants of all sizes. In their 2008 Online Fraud Report, Cybersource reports “profit leaks in the Risk Management Pipeline™ impact as much as 47+% of orders for medium merchants and as much as 19+% of orders for larger merchants".
To better understand the impact of payment fraud for online merchants, CyberSource sponsors annual surveys addressing the detection, prevention and management of online fraud. The 2008 Online Fraud Report contains over 18 pages of statistics, analysis, charts and graphs and expert analysis reviews.
CyberSource also offers a chance to listen to their fraud management experts in this Free On-Demand Webinar.
Reports show total losses from online payment fraud in the U.S. and Canada as $3.1 billion in 2006 and $3.6 billion in 2007. What will the trend be this year?
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