Feeds

Ecommerce to rocket in 2005

But online fraud set to increase

  • alert
  • submit to reddit

Top three mobile application threats

Online businesses in the UK are forecasting that revenues will grow by 36 per cent next year, according to new figures.

The figures, released by Media group Cybersource International, also show that 20m shoppers will have spent £17bn online this year, leading the group to project that by 2009 25 per cent of shopping will be conducted over the web.

However, such a boom in ecommerce has led to increasing concern among businesses over the issue of security.

Fifty six oper cent of UK respondents believe the problem of online fraud will become more serious for them in 2005, compared to 49 per cent in the U.S. In addition, due to the 60 per cent who believe online criminals are becoming more sophisticated, UK merchants are declining their orders by 6 per cent in fear of fraud.

Address verification and card security codes are currently the most widely used methods of managing online fraud in the UK. In addition, 17 per cent of respondents intend to implement more sophisticated fraud screening tools.

Nathan Jackson, Cybersource managing director, said: "75 per cent of respondents believe the successful rollout of Chip & PIN in the UK will force more fraudsters to turn their attention to online crime."

The group says that one in five UK transactions requires reviewing, but 39 per cent of businesses have no automated systems in place. Manual reviewing is labour intensive and therefore costly for businesses, especially as 28 per cent see the need to hire more staff in 2005 to handle the workload.

Mark McMurtrie, marketing director of Retail Logic, said: "Sales are projected to grow up to 36 per cent. This implies that most merchants will need to improve productivity to keep up with sales growth. Yet with each manual check requiring three minutes on average, they simply won't be able to cope with demand. Therefore, automated systems are an obvious answer."

Copyright © 2004, Startups.co.uk logo

Related stories

Ecommerce getting cheaper and easier
Complacent UK corporates 'easy meat' for crooks
European online sales to outpace US

3 Big data security analytics techniques

More from The Register

next story
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
Audio fans, prepare yourself for the Second Coming ... of Blu-ray
High Fidelity Pure Audio – is this what your ears have been waiting for?
MtGox chief Karpelès refuses to come to US for g-men's grilling
Bitcoin baron says he needs another lawyer for FinCEN chat
Record labels sue Pandora over vintage song royalties
Companies want payout on recordings made before 1972
Zucker punched: Google gobbles Facebook-wooed Titan Aerospace
Up, up and away in my beautiful balloon flying broadband-bot
Apple DOMINATES the Valley, rakes in more profit than Google, HP, Intel, Cisco COMBINED
Cook & Co. also pay more taxes than those four worthies PLUS eBay and Oracle
Number crunching suggests Yahoo! US is worth less than nothing
China and Japan holdings worth more than entire company
prev story

Whitepapers

SANS - Survey on application security programs
In this whitepaper learn about the state of application security programs and practices of 488 surveyed respondents, and discover how mature and effective these programs are.
Combat fraud and increase customer satisfaction
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Top three mobile application threats
Learn about three of the top mobile application security threats facing businesses today and recommendations on how to mitigate the risk.
3 Big data security analytics techniques
Applying these Big Data security analytics techniques can help you make your business safer by detecting attacks early, before significant damage is done.