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24/01/2012 -
As ecommerce continues to broaden and expand into new territories such as mobile payments, social commerce and other innovations, the need to protect consumer financial data grows increasingly important.Toward that end, there's been some good news. According to a survey released this week by CyberSource, merchants are pulling ahead in the war against fraud. Specifically, the percentage of orders that turned out to be fraudulent dropped from 0.9 percent in 2010 to 0.6 percent last year - the lowest in the survey's 13-year history. However, a considerable number of retailers appear concerned about the costs of fraud prevention.
While 27 percent of respondents claim they are currently engaged in mobile commerce, indicators point to a reduced risk environment for fraud. Still, merchants need to invest in payment processing systems that deploy top security and encryption components.
"The continued growth in ecommerce is a welcome development for merchants and the economy overall," said Andrew Naumann, a senior business leader at CyberSource. "Our study shows merchants are working harder than ever to keep fraud in check, using more tools and reviewing more orders. Clearly the criminal element is growing more sophisticated."
