CyberSource Survey Shows Merchants Lost $3.4B to Fraud
Fraudsters took a roughly 1-percent-sized piece of the eCommerce pie in 2011, stealing $3.4 billion from online merchants. It's all the more reason to listen to Karen Webster's conversation with Andrew Naumann, Senior Business Leader at CyberSource, about the newest edition of his company's guide to benchmarks and best practices in the fight against fraud.
Related Article: CyberSource 2012 Online Fraud Report
Andrew Naumann, CyberSource:
Andrew Naumann is Director of Enterprise Fraud Solutions at CyberSource.
Founded in 1994, CyberSource began developing online payment and fraud detection technology long before the eCommerce industry took off. In fact, the company pioneered online fraud screening as well as the concept of an internet commerce suite — this allowed companies to outsource eCommerce transaction services as and when required, precluding the need to build and maintain costly and complex infrastructures.
Today, through continued innovation and investment, CyberSource now offers a comprehensive set of high performance payment management solutions for multiple sales channels, including the web and call centres. With a customer list that includes lastminute.com, British Airways and Nike, the company enables its merchants to sell online in over 190 markets worldwide, helping them to protect, optimise and grow their operations.
In 2010 CyberSource Corporation was acquired by, and operates as a wholly-owned subsidiary of, Visa Inc.