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Half of online retailers find it difficult to keep up with fraud trends: study

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Half (50%) of online retailers find it difficult to keep up with fraud trends, a new study has found.

The Worldpay study, Fragmentation of Fraud, found only 20% of merchants do feel confident about their ability to manage fraud threats, with 77% saying that their multichannel approach to retail makes fraud prevention more difficult. Some 76% go so far as to say it makes them more open to fraud attacks. Almost four in five retailers (79%) said the growing number of markets, sales channels and payment methods made it difficult to for them to prevent fraud.

When etailers were questioned about specific payment methods most were concerned about credit card fraud (82%) and virtual currencies (82%), while 78% cited e-wallets and 75% mobile payments.

“What is clear is that in this ever-changing ecommerce landscape, fraud is becoming more difficult for online merchants to manage,” says Kevin Dallas, chief product and marketing officer, Worldpay ecommerce. “As merchants continue to expand their cross-border operations, sell through more channels and offer more payment methods to meet local customer needs, keeping abreast of new fraud threats is becoming increasingly challenging.”

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