News

Online SMEs confused over responsibility for fraud

Karl Flinders

Small online businesses not responsible for fraud?

A massive 99% of small online businesses believe they are not responsible for fraud on their websites.

And 87% do not expect fraud-related complaints to reduce over the next year.

According to a survey of 350 companies, commissioned by online payment firm PayPoint.net, 35% believe banks are responsible for fraud, 24% say it is the responsibility of the bank and credit card issuers, with another 23% blaming the payment service provider.

"Small online businesses lack the resources of their larger competitors but have an even greater interest in ensuring their customers have the safest possible experience on their site," said Alessandro Hatami, managing director of PayPoint.net.

PayPoint.net recommendations for small businesses to improve online security:

Comply with the Payment Card Industry Data Security Standard

Use services such as Verified by Visa, which mitigate risk and remove the liability for fraud entirely from the shoulders of merchants

Use an Address Verification Service to confirm the identity of the person claiming to own the credit card

Compare the IP address of the PC at the customer's actual location with billing and shipping addresses





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