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 Tuesday, 7th February 2012, 12:28:05

E-commerce fraud could rise in 2012

E-commerce fraud could rise in 2012

A consultancy firm has predicted that an increase in online sales could lead to a rise in fraud over the next 12 months.

UK Fraud expects that an increase in the volume of e-commerce transactions will lead more criminals to target merchants and merchant groups.

This could lead to a rise in the number of anti-fraud enrichment schemes, as well as more Payment Service Providers (PSPs), which will provide fraud solutions as part of their service.

However, according to the firm, there will be a small drop in fraud related to credit card transactions.

This is because retailers will increasingly implement 3D secure solutions to protect highly sensitive data – that is, an additional code and password will be needed to finish an online transaction.

However, UK fraud also expects that breaches involving card cloning, PIN compromises and tampered devices will "hit hard" later in the year.

Last year, the fraud prevention service CIFAS recorded a "disturbing" nine per cent rise in fraud cases across the country.

Posted by Phil Williams

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Categories:  |  Security  |  Ecommerce  |  

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