E-Commerce Times Talkback
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It is becoming increasingly unsafe to buy or otherwise conduct business online, according to the ninth annual CyberSource survey on e-commerce fraud. Fraudsters will divert approximately $3.6 billion from U.S. e-commerce in 2007, a 20 percent increase over 2006, based on survey results. Merchants are working aggressively to hold back the tide. Their various online security products and related best practices are keeping the fraud rate stable, notes CyberSource. Still, it's requiring the expenditure of more resources to keep fraudsters at bay.
Merchants often do not take the steps to protect themselves against hackers. The major credit card companies have set standards for hosting credit card information. Although it is expensive to set up a PCI/CISP certified hosting environment, it protects merchants from being fined or blackballed from accepting credit cards all together.
This trend of internet fraud could go down if merchants either took the steps to get PCI/CISP certified or chose to host with a company that is.