American Express study shows increase in online payment fraud
American Express issued a report showing that 77% of merchants reported being victim of some type of fraud, adding that efforts to mitigate those risks are impacting their bottom line.
The report showed that online fraud has increased a great deal over the past year, with 27% of online sales are fraudulent transactions, up from 18% a year ago.
In addition, 82% of merchants say their businesses are vulnerable to fraud from mobile transactions, compared with 73% a year ago, while 79% are vulnerable from online transactions, compared with 75% a year ago and 66% from point-of-sale transactions, up from 55% a year ago.
"The 2019 Digital Payments Survey shines a light on the most pressing needs of our merchants and customers and the findings about the battle between convenience and security are striking," Jaromir Divilek, executive vice president, American Express, said in a company release.
The report also shows that 42% of consumers have suffered a fraudulent attempt to use their credit cards, while 59% are worried about fraud when making an online purchase.
Cover image: American Express