US: online credit card fraud up by 11%

Friday 20 June 2014 11:14 CET | News

Online credit card fraud in the US has witnessed an 11% increase as compared to 2013, a recent study points out.

According to data from Trend Micro, currently, online sales account for an average of 6% of sales. By 2017, retailers estimate that 15% of sales will be made online. With the growth of multi-channel retailing, where transactions cross organizational boundaries, the US Retail Fraud Survey 2014 anticipates the wider use of a cross-functional, holistic approach to loss prevention.

The same source unveils that 37% of retailers identify analytics and monitoring as their biggest concern.

According to Don Bush from Kount, the issue of fraud online fraud is beginning to be taken more seriously. Results show that spend on online fraud prevention jumped by over 50% y-o-y as a percentage of sales compared with in-store fraud prevention which actually saw a decrease in spend.

The US Retail Fraud Survey 2014 was published by Retail Knowledge and sponsored by intelligent cash handling expert Volumatic and payment expert Kount.

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Keywords: US, online fraud, credit card
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime

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