online fraud - Internet Marketing News and Blogs

Here, we ask Dominic Yacoubian, MD of 247electrical , about the continuing problem of online fraud, how his company is affected by it and what he feels needs to be done to better combat the problem.

Online retailers are increasing expenditure on anti-fraud measures but lack support from government and law enforcement authorities, according to a new study.

Cybersource's latest UK Online Fraud Report (pdf) surveyed 165 UK businesses and 1000 consumers on methods being used to combat online fraud, as well as attitudes towards the issue.

Figures from payments association APACS indicate that online banking fraud losses have declined by 67% over the past year, though online card fraud continues to be a problem.

The APACS stats show that online banking fraud losses, which includes phishing, have dropped from £22.4m for January to June 2006, to £7.5m for the first six months of this year.

A House of Lords committee has called on the government to take more action on the issue of online fraud and security, calling the current policy 'unrealistic'.

The Lords' Science and Technology Committee, which has been investigating online security over the last six months, referred to the government's current policy as a 'Wild West' approach.

UK internet users are willing to take risks online as long as they feel informed about the consequences, according to a new report.

The Trustguide report, a collaborative research project by BT, the DTI and the University of Plymouth, found that surfers use specific online services not because they trust them, but because they think the benefits outweigh the risks.

Twelve percent of British internet users fell victim to online fraud last year, with around half of them losing out while shopping according to new research.

Some 2,441 survey respondents to the Internet Safety: The State of the Nation paper reported an average £875 loss in 2006.

Online fraud figures released yesterday by APACS, the UK payments association, show a 44% rise in online banking fraud last year.

Offline credit card fraud at UK retailers fell by 47% to a total of £72.1m, from 2005's figure of £135.9m, thanks largely to the introduction of chip and pin.

With the high levels of online fraud, the police are unable to investigate every complaint they receive about instances of online crime and, in some cases they are unable to investigate.

Cases where individuals have been defrauded to the amount of a few hundred pounds are being pushed to the back of the queue, as police do not have the resources to cope with the problem.

Banks are planning to issue their customers with handheld credit card readers under a new pilot scheme to combat online fraud.

The project is being pioneered by APACS, the UK payments association, to give customers greater protection when shopping on the internet or the phone.

A poll conducted by RSA, the security division of EMC, suggests that online banking customers are becoming more concerned about security issues, and would like banks to take more steps to combat fraud.

RSA's Financial Institution Consumer Online Fraud Survey was conducted in December and polled 1,678 adults from the US, UK, Germany, France, Spain, Australia, Singapore and India.