Feeds

UK shopkeepers beating online fraud

Open all hours

Protecting against web application threats using SSL

UK retailers are beating the problem of online fraud, according to a new survey. Two in three (65 per cent) of 160 retailers surveyed by electronic payment and risk management firm CyberSource said they had seen losses from fraud either stall or fall in the last 12 months. Only 16 per cent reckon that fraud has risen as a proportion of revenues.

Early findings from CyberSource's second annual UK online fraud survey, due to be published in full next month, contrast strongly with the public perception and banking industry estimates that online fraud is growing in severity. According to research carried out for the government’s 'Get Safe Online' campaign, one in five people in the UK rates Internet crime of greater concern than car theft or even mugging.

Recent figures from banking organisation APACS show that online fraud climbed by five per cent in the first six months of this year from £55.1m in 1H05 to £58m in 2H05 even though overall credit and debit card fraud dropped 13 per cent from £252.6m to £219.4m over the same period. Even though online fraud is one of the few classes of plastic fraud on the rise its increase is far less than the overall growth in online sales, which grew 38 per cent in the year until September 2005.

CyberSource reckons the industry needs to put fraud risk in perspective or risk scaring customers away. Nathan Jackson, managing director of CyberSource, said: "While fraud remains a problem, there is a clear disconnect between consumer feeling and retailer reality about the extent of online fraud. While retailers are investing heavily in beating fraud - often successfully according to our research - the public is being made to feel nervous about shopping on the Web."

Jo Tucker, managing director of the Interactive Media in Retail Group (IMRG), backed CyberSource's call to keep a lid on scare stories. "Online retail is a rapidly growing sector in the UK economy... We need to ensure that consumers continue to be prudent when shopping online, but the fact is that online shopping is no more risky than heading to the high street," she said. ®

Reducing the cost and complexity of web vulnerability management

More from The Register

next story
Spies would need SUPER POWERS to tap undersea cables
Why mess with armoured 10kV cables when land-based, and legal, snoop tools are easier?
Early result from Scots indyref vote? NAW, Jimmy - it's a SCAM
Anyone claiming to know before tomorrow is telling porkies
Apple Pay is a tidy payday for Apple with 0.15% cut, sources say
Cupertino slurps 15 cents from every $100 purchase
Israeli spies rebel over mass-snooping on innocent Palestinians
'Disciplinary treatment will be sharp and clear' vow spy-chiefs
YouTube, Amazon and Yahoo! caught in malvertising mess
Cisco says 'Kyle and Stan' attack is spreading through compromised ad networks
Hackers pop Brazil newspaper to root home routers
Step One: try default passwords. Step Two: Repeat Step One until success
China hacked US Army transport orgs TWENTY TIMES in ONE YEAR
FBI et al knew of nine hacks - but didn't tell TRANSCOM
Microsoft to patch ASP.NET mess even if you don't
We know what's good for you, because we made the mess says Redmond
prev story

Whitepapers

Providing a secure and efficient Helpdesk
A single remote control platform for user support is be key to providing an efficient helpdesk. Retain full control over the way in which screen and keystroke data is transmitted.
WIN a very cool portable ZX Spectrum
Win a one-off portable Spectrum built by legendary hardware hacker Ben Heck
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Security and trust: The backbone of doing business over the internet
Explores the current state of website security and the contributions Symantec is making to help organizations protect critical data and build trust with customers.