Infographic: The fight against online fraud

ogoneOgone, a European specialist in online payment and part of the Ingenico Group, has conducted a survey on European e-commerce companies to find out what measures they take to fight against online fraud and what their expectations are in terms of fraud management. They also produced a great infographic that we wanted to share with our readers, considering that this is Black Friday (the sales day following on from Thanksgiving) and that the newly named ‘Cyber Monday’ (who thinks these names up?) follows after the weekend. If this is not the season for online fraud to prosper – when is? You can click on the graphic on the left to see the PDF in all its glory.

Driven by the increased confidence of a growing number of online and mobile buyers, transactions made without a credit card are growing in Europe.

E-commerce business is growing strongly in France (the third biggest stakeholder in e-commerce in Europe), but retailers are playing ‘catch-up’ with provisions they have in place to counter the amount of fraud that accompanies this growth. The study shows that retailers in France were more likely to have experienced fraud in the last twelve months than in other countries (Germany, UK, Belgium and the Netherlands), as well as a decrease in turnover, estimated at 1.4% of their total turnover through cardless transactions. This decrease was twice as high as the European average of 0.6%.

Therefore French retailers see fraud management as a priority, and believe that any tool must at least offer 3D Secure customer authentication and the ability to control who buys their products and services by blocking certain countries and through customer ID checks. Currently, retailers’ interest in fraud management tools is very high, albeit at a relatively simple, functional level.

“Although motivation to prevent fraud may vary from retailers across the polled countries, businesses of all sizes are subject to CNP fraud. It’s up to Payment Service Providers to ensure that new opportunities as a result of online and mobile payments remain easily accessible, while safeguarding retailers against new threats” explained Simon-Pierre de la Seigliere, Regional Head of Southern Europe, Ogone.

Other countries show different levels of concern when it comes to online fraud. British merchants are managing to keep online fraud growth below global card-not-present (CNP) growth, and are determined to eliminate fraud altogether. In Germany, even the largest online retailers are more pragmatic than elsewhere and aim to contain rather than to eliminate online fraud. In the Netherlands, retailers are least likely to have experienced fraudulent transactions and only 1 in 3 sees fraud protection software as a business priority.

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Categories: Retail, Security

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One Comment on “Infographic: The fight against online fraud”

  1. November 30, 2013 at 5:59 am #

    I think every single country has a good law for fraud but not so good for avoiding online fraud and online scams. Europe is the best place where the scammers can be punish, but other countries are less.. thanks

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