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CyberSource Corporation
Fraudsters Filch $4 Billion Online in 2008
December 28th, 2008
Results of the tenth annual CyberSource Corporation (NASDAQ:CYBS) survey of eCommerce fraud, released, show merchants expect to lose a record $4 billion to online fraud in 2008. Merchants say the fraud loss rate will hold constant at 1.4% of revenue (same as 2007 and 2006), but continuing growth in eCommerce sales mean dollar losses to fraud are still growing. Merchants are shifting some fraud fighting priorities, perhaps as an adjustment to a slowing economy. "For years, U.S. eCommerce merchants have fought fraudsters to what amounts to an annual standoff," said Doug Schwegman, CyberSource director of market and customer intelligence. "Losing on average about 1.4...
Source: Pharma Investments, Ventures & Law Weekly (2008-12-28)
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