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Online payment fraud costing U.S. merchants billions
The ‘2016 American Express Digital Payments Security Survey’ reveals that 70% of merchants in the U.S. have seen sales conducted via digital channels rise in recent times.
However, the report reveals that sales could be much higher if it wasn’t for payment fraud. Overall, nearly half (48%) of online shoppers who have made a purchase online in the past twelve months – or about 80 million consumers – have experienced payment fraud.
Furthermore, 42% said they had abandoned an online shopping cart due to security concerns, rising to 50% among Millennials and 48% among Generation X.
The problem hasn’t gone unnoticed by merchants. Six in 10 said they had had experience with online sales fraud and a quarter believe the issue is increasing. According to a recent report from Juniper, $10.7 billion was lost to online payment fraud last year.
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