Ecommerce Fraud Losses Expected to Rise 11% to $4 Billion This Year

[mandy]

E-commerce fraud losses in the U.S. and Canada are expected to reach $4 billion this year, an 11% increase from $3.6 billion in 2007, according to CyberSource Corp.’s 10th annual survey of e-commerce fraud, which was released today. However, the percentage of online revenue lost to fraud held steady with 2007 at 1.4% of online sales.

Chargebacks, the most often cited metric for online payment fraud, continued to account for almost half of fraud losses, the report says. Merchants fight only about 50% of the fraud chargebacks they receive, with a third of merchants challenging less than 10%. But merchants that do challenge chargebacks recover, on average, 28% of their fraud chargebacks...

full article: http://www.internetretailer.com/dailyNews.asp?id=28747