£594.5 million losses due to cyber fraud

Date: November 16, 2007
Source: theretailbulletin.com


Online shoppers' fears of being 'click pocketed' - becoming the victim of cyber fraud - is costing Britain's e-commerce sector £23 billion* a year, new research reveals.

The '3V Online Shopping Confidence Barometer'** from secure payment provider 3V, shows that members of the public would buy an extra two items a month on the internet if they were 100% confident in online security.

The research also reveals that, ahead of the busy Christmas shopping period when Britons are each expected to spend £511*** online, two fifths (37%) of web consumers - ten million people - admit to a serious fear of fraud.

Meanwhile, almost two thirds (63%) of online shoppers have called for tougher penalties for convicted cyber fraudsters. And almost half (45%) of those surveyed believe that the Government should issue clearer guidelines for secure online shopping, while two in five (39%) think retail sites can help by reassuring the public that their payment card details will remain safe.
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