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Article: Credit card cons crimp cyberspace; Online businesses pay steep price.(seek credit card fraud prevention strategies)(Brief Article)(Statistical Data Included)
- Article from:
- Crain's Chicago Business
- Article date:
- April 30, 2001
- Author:
CopyrightCOPYRIGHT 2001 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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As e-commerce transactions proliferate on the Internet, credit card fraud is keeping pace.
While the focus has been on reassuring consumers that their liability is minimal if something goes wrong during a transaction, merchants feel the most pain.
Despite headlines about hackers invading e-commerce sites and stealing hundreds of credit card numbers, industry experts say the real price is paid by online merchants, who are forced to swallow billions of dollars annually in fraudulent transactions.
Online credit card purchases are classified by credit card issuers as ``card not present'' transaction. Merchants are 100% liable if there is fraud.
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