Some New Ways of Fighting Fraud and Why We Need Them

Financial institutions, merchants and payment processors globally are fighting against cyberattacks. The estimated volume of third-party fraud transactions in 2013 was 34.1 billion, with a value of $6.7 billion. In January 2014 alone, a single cyberattack exposed more than 105 million identities. The revenue lost due to online fraud was an estimated $3.4 billion in 2011 which increased to $3.5 billion in 2012. This study was based on the profiling of 312 online retail compani ...

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