Online retailers could be hit by a bill for more than £105m this
Christmas because of
credit card fraud, online payments company Moneybookers has
warned.
Recent estimates put expected online spending in the UK over the
festive season at £13.16bn. The company said 0.8% of that will be
lost through fraud.
"Facing the prospect of slowing consumer spending in 2009,
cash-strapped online retailers can ill-afford this additional
expense," said Moneybookers.
US and UK-based cards are still at high risk, but there has been
an increase in fraudulent activity in other Western European
countries. Criminals are moving on to these countries as UK and US
consumers get better at protecting themselves.
Moneybookers said, "Online payments providers should be more
transparent with the retailers that use them and actively
demonstrate confidence in their systems by shouldering the cost of
fraud themselves, rather than passing it on."
