Home & Office
Merchants lose US$649K a year to online fraud
A study has found that online traders in U.K. consider fraud to be their top threat, while concerns about customer data theft have increased.
![zd-defaultauthor-matthew-broersma.jpg](https://www.zdnet.com/a/img/resize/a30f39eb99f892a693af92ff5e8b18635cc91e06/2014/12/04/a5951898-7b6c-11e4-9a74-d4ae52e95e57/zd-defaultauthor-matthew-broersma.jpg?auto=webp&fit=crop&frame=1&height=192&width=192)
UK merchants say online fraud is now the greatest threat they face, costing them on average 400,000 pounds(US$648,920) in annual losses, according to a survey published on Tuesday by CyberSource.
The payments processing provider's sixth annual to be fraudulent.
Online businesses rejected an average of 4.6 percent of orders on suspicion of being scams, a figure CyberSource said was worrying, partly because some of the rejected orders were likely to be valid.
Read more of "Merchants lose £400k a year to online fraud " at ZDNet UK.