Contact:
Bruce Frymire
Director, Corporate Communications
(650) 965-6042
[email protected]
MOUNTAIN VIEW, Calif. January 7th, 2002 While two-thirds of online merchants say they took more online fraud precautions in 2002, total dollar fraud losses are increasing, according to the Online Fraud Report, an independent survey undertaken by CyberSource Corporation (NASDAQ: CYBS) and conducted by Mindwave Research.
Among other top findings from the Report:
Online fraud is a serious or very serious concern for 46% of those surveyed;
Manual review is common–more merchants are reviewing more orders;
Two-thirds say they plan to implement additional fraud control measures in 2003.
A variety of tools are being put into place to deter credit card fraud. 71% of merchants say they are using address verification in 2002, up from 46% the year before and penetration audits have doubled, from 30% in 2001 to 63% in 2002.
Even as merchants say they are already employing anti-fraud tools, two-thirds say they plan to implement more in the next 6 to 12 months. Among the top strategies mentioned are: new Visa/MasterCard authentication plans (40%), card number verification (29%), and address verification services (21%).
To receive a free copy of the Online Fraud Report, go to www.cybersource.com.
The fourth annual CyberSource Fraud Survey was sponsored by CyberSource Corporation and undertaken by Mindwave Research. The survey was fielded October 2-9, 2002 and yielded 341 complete responses (vs. 178 the year before). The sample was drawn from a database of companies involved in electronic commerce activities. Incentive to respondents was a summary of the research findings.
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About CyberSource
CyberSource Corporation (NASDAQ: CYBS) is a leading provider of electronic payment and risk management solutions for enterprise businesses selling via multiple sales channels. CyberSource solutions manage transaction risk and enable electronic payment processing for Web, call center/IVR, and POS environments. CyberSource Professional Services designs, integrates, and optimizes enterprise-wide commerce transaction systems. Over 3,000 businesses use CyberSource solutions, including over half of the Dow Jones Industrial companies. The company is headquartered in Mountain View, California, and has sales and service facilities in Japan, the United Kingdom, and other locations in the United States. For more information, please visit CyberSources web site at www.cybersource.com or email [email protected].
2002 CyberSource Corporation. All rights reserved. CyberSource is a registered trademark in the U.S. and other countries. All other brands and product names are trademarks or registered trademarks of their respective companies.