Credit Card Fraud on Internet No Longer Easy Pickings
Friday, January 19th, 2001 Fraud TechnologyThe battle against credit- and debit-card fraud on the Internet is being fought successfully by a range of new technologies online merchants are adopting, said a new report from Meridien Research. Without investment in technology, Internet payment fraud worldwide would increase from $1.6 billion in 2000 to $15.5 billion in 2005. But widespread use of technology will cut the 2005 loss to $5.7 billion, Meridien forecasts. Global Internet card purchases will rise from $45 billion in 2000 to more than $310 billion in 2005, the firm said. "Card fraud on the Web is declining because these solutions work well and also because merchants have gotten smarter," said analyst Jeanne Capachin. "With wider adoption, we could eventually see online fraud rates consistent with those of telephone-initiated transactions." "Online Card Payments: Fraud Solutions Bid to Win" covers eight vendors that offer card-fraud detection solutions.
