Computer Business Review

Business left to fight online fraud
By Kevin White

Lacks government coordination: security vendors

Businesses are largely being left on their own to counter financial fraud, security companies have agreed.

In a newly issued study CyberSource has said its findings highlighted online retailers’ frustration at the lack of coordination and government support in the fight against fraud.

It concluded that merchants continue to bear the increasing burden of fraud.

In the absence of any recommendation in the report for the creation of a centralised anti-fraud body to coordinate efforts across the financial and enforcement industries, Yuval Ben-Itzhak CTO at secure web gateway supplier Finjan Inc said is clear that companies are on their own.

Although technology can significantly mitigate the risk of a company’s systems being breached, it appears that as many as one in eight online UK firms are losing more than 5% of their revenues to fraud...this illustrates the phenomenal cost that card fraud is costing UK organizations...

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