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Jan 1, 2013
Nine out of ten online merchants may be vulnerable to credit card fraud, according to a survey by SignatureLink, an online security firm, and payment industry communicator CardNotPresent.com. The survey found that only ten percent of websites surveyed require shoppers to accept the terms and conditions of payment to the site via e-signature, vocal consent or a physical signature. Agreement to site terms and conditions along with data breaches are areas of focus for ecommerce businesses that process payments online. Storeowners must protect themselves from "cybershoplifting," whereby, following the receipt of goods, thieves dispute purchases with their credit card issuers, causing financial and product loss to online merchants.
As a result, 65 percent of those surveyed are opting to use 3-D Secure, which is the authorization platform branded as "Verified by Visa" and "MasterCard SecureCode," and plan to enlist other security platforms as soon as possible. Meanwhile, online merchants are offered a number of tactics to help prevent cyber theft and protect their assets.
Retailers can decrease their vulnerability to cybercrime. By taking stock of their security practices, and putting some simple safeguards in place, online retailers can protect customers and their assets as well.
Topic: Business Strategies
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