Quote:
Originally posted by Pornkings
I don't think so... if that is the problem why does mainstream have such a problem.
Report: E-commerce will bleed $285M in fraud
Nearly $300 million in e-commerce will be lost to holiday fraud scams this year, says a new report from the CyberSource Fraud Survey. About $285 million, or 3 percent of the overall online earnings for 2002, will be siphoned off by credit card hoaxes and the like, even though retail respondents said that they are taking more precautions than they did last year. About one-third of the respondents think credit card fraud will increase this year over last. E-commerce has grown at a tremendous rate this year. Sixty percent of the online companies surveyed by Shop.org and Bizrate.com reported revenue increases of more than a quarter during the first two weeks of November compared to 2001. The fraud problem haunts big companies as well as small. Amazon estimates its fraud rate at about 2.5 percent so far in 2002. More retailers are thus taking precautionary measures. The number of companies using AVS, a credit card verification system, has increased by nearly two-thirds this year to 71 percent. And 59 percent of sites plan to encrypt stored credit card numbers.
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Excellent find.
Looks like some people need to go together and hit up congress. It's probably the only way...