Tuesday, May 6, 2008

3 out of 4 Consumers Don’t Believe Retailers should be responsible for CNP Fraud Losses?

The debate has been ongoing for years, just who is responsible for the fraud losses associated with CNP fraud? I find it interesting that while the Associations, Banks, Issuers, Acquirers and Retailers continue to fight it out; the consumer’s have already made their opinion very clear: 3 out of 4 don’t believe that it is the retailers’ responsibility to absorb these fraud losses. I base this on recent surveys from CyberSource and CPP. CyberSource reported in their Cybersource’s 2008 UK Online Fraud report that 24% of consumers believe that retailers are ultimately responsible for fraud losses. CPP, a Life Assistance Firm, reported that 74% of the UK consumers questioned believe it is the responsibility of banks or credit card issuers to resolve any fraud problems.
For more information related to this subject go to the “CyberSource 2008 UK Online Fraud Report”, or the M2 PressWIRE April 7th 2008 article “CPP Group: Brits blame banks for fraud; More than a third or people blame banks for card fraud”.

No comments: