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Online Payments Fraud, Challenges and solutions

E-commerce offers many competitive advantages such as improved productivity, reduced costs, streamlined business processes, improved customer service and global presence. According to a report by emarketer, global ecommerce sales are expected to reach $1.2 Tn by end of 2013. But with the growth in online commerce or e-commerce, the credit card security and online payments fraud remain the biggest issues today.

Cybersource Corp., a unit of Visa reports that lost revenue due to online fraud reached an estimated $3.5 billion in 2012. This study was based on profiling 312 online retail companies based in the United States and Canada. Globally according to a study by Nielson, the loss due to online fraud was estimated at ...

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