Card fraud could cost e-tailers £105m this Christmas


Card fraud could cost e-tailers £105m this Christmas

Rebecca Thomson

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."

Email Alerts

Register now to receive IT-related news, guides and more, delivered to your inbox.
By submitting your personal information, you agree to receive emails regarding relevant products and special offers from TechTarget and its partners. You also agree that your personal information may be transferred and processed in the United States, and that you have read and agree to the Terms of Use and the Privacy Policy.

Read More


COMMENTS powered by Disqus  //  Commenting policy