The CyberSource 11th Annual Online Fraud Report
has been released for industry review, and it includes some uplifting
statistics suggesting that the consistent yearly pattern of lost revenue due to
online identity fraud
is finally in decline.
According to the report, which details the results of a
survey of more than 300 online retailers of various sizes and annual revenues, the
total estimated online revenue losses from fraud dropped 18% in 2009, down to
$3.3 billion from $4 billion in 2008. Additionally, the average percent of
revenue lost to payment fraud dropped to the lowest level since the survey’s inception
11 years ago.
We at EVS feel that this information presents an opportunity
for all businesses that use online commerce in whole or in part to interact
with their customers. Investing in a fraud prevention
utility in 2010 can help businesses do their part to reduce the overall
industrial losses due to fraudulent transactions.