Online Credit and Debit Card Security Report
by Berislav Kucan
- Thursday, 17 April 2003
Alex Boorman, Datamonitor financial services analyst and author of the report noted: "Our research predicts that consumer eCommerce payment volumes will continue to increase in coming years such that volumes could surpass EUR200 billion by 2007. However, the growth of eCommerce volumes will be followed by a coincident rise in online card fraud as measures to tackle offline fraud are successful, encouraging fraudsters to seek opportunities in the online space; and the card scheme security initiatives are not extensive enough to provide much of a deterrent. Given this situation the card schemes must work hard to boost acceptance and enrolment as quickly as possible. The card schemes are already doing this to a degree, although there is much more that they can do. That they do so is critical for only widespread acceptance and enrollment by all parties will guarantee the initiatives' success."