Retailers Claim Online Fraud Rising

While a growth in online shopping is delivering record sales, retailers are frustrated with the lack of co-ordination from government and the payments industry in tackling rising levels of crime.

Only 17% believe law enforcement agencies are effectively challenging online fraud, with many claiming that police responses are limited to providing crime reference numbers and explaining their lack of resources.

"The suggestion from some is for a single, independent body to track organised fraud efforts, share information, direct police efforts, liaise with the card schemes and lobby the government on improving policy," says the fourth annual online fraud survey by transaction security specialist, CyberSource.

During the last twelve months the average retailer was spending 60% more on tackling fraud than in the previous year, but over three quarters of retailers surveyed still experienced growth, with nearly half seeing a 20% rise in revenue.