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64.9% of merchants in the survey are spending the same amount on fraud prevention tools and procedures as one year ago. An address verification system is the top automated fraud prevention tool used by 77% of all retailers, followed by a card verification program at 72.7% and internally developed fraud screens at 30.9%. Other popular fraud prevention programs and tools include Verified by Visa at 22.3% and MasterCard SecureCode at 17.3%. In general 65.4% of merchants physically screen their transactions prior to any further processing, with almost one-half of all merchants—44.9%—manually reviewing more than 25% of all orders, followed by 16.5% between 10.1% and 25% and 9.5% from 5.1% to 10%.

The rate for a chargeback, which occurs when a buyer asks a credit card company to reverse a transaction that has already cleared, is also running at 1% or less of all monthly transactions for 70.3% of the 150 retailers participating in the survey versus 23.4% with a ­chargeback rate of 1.1% to 3%, 4.8% from 3.1% to 6% and 1.5% from 6.1% to 10%. For the majority of merchants, chargeback rates are in line with accepted industry standards, say industry payments systems and risk ­management experts...

full article: http://www.internetretailer.com/article.asp?id=23584

[Tags:]

Tags: ecommerce merchant accounts online payments chargebacks