It won’t come as a surprise that in CyberSource’s latest UK
Online Fraud report, the majority of merchants surveyed said that
online fraud remains the number-one business threat. When asked
why it was ranked so highly, more than half, 56 percent, of
respondents stated that they are spending too much by reviewing
too many orders.
On average, the report found that merchants review one in five
incoming orders. Of those, 71 percent are approved, which
CyberSource says represents “significant cost and time
inefficiencies”.
According to the report, respondents cited that each reviewer
analyses an average of 77 orders per day. For larger businesses
of more than £25 million in annual online turnover, this is
even higher, with almost a quarter of respondents indicating that
each reviewer checks more than 120 orders a day. However,
three-quarters of merchants expect to make no change to the size
of their review teams this year, though 29 percent said they
would implement systems to streamline the process.
Other threats identified by merchants included a worry over
system uptime, which overtook data security as the second most
concerning issue for merchants. The report notes that merchants
are increasingly recognising the impact that system failures can
cause their business. What this also shows, says the report, is
that with regulations such as PCI DSS, merchants are feeling more
confident about the management of payment data.
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