
Audio By Carbonatix
A report by US payment processor CyberSource Corp says as high as 76% and 58% of U.S. and Canadian merchants who accept international orders online shut off orders from Nigeria and Ghana respectively last year.The motive is induced by fraud, particularly in international e-commerce, and other countries which suffered business blockades for 2008, included Pakistan (32%), Indonesia (23%), Singapore (19%), Romania (18%), China, Russia, and Vietnam with 13% each, and South Korea and Hong Kong with 10%.“Growth rates beyond U.S. and Canadian borders remain considerably higher than here, so during difficult economic times, expanding international e-commerce is a logical move for many merchants,” says Doug Schwegman, CyberSource director of market and customer intelligence. “But overall rates of fraud require merchants to exercise great care in handling orders received.”According to the survey, 52% of e-merchants accept orders from abroad, accounting for 17% of their total sales. But merchants report that 4% of international orders turn out to be fraudulent—3.6 times the domestic rate of 1.1%. The international fraud rate has increased 67% since 2005. CyberSource reports.In 2008, merchants rejected 11% of international orders compared to 2.9% of orders from the U.S. and Canada.The survey data also showed leading centers for e-commerce fraud in the U.S. 25% of respondents said New York presented the highest risk of fraud among cities in the U.S. and Canada. Miami was second at 21% and Los Angeles third at 9%.Source: Internetretailer.com
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Tags:
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Latest Stories
-
Netherlands Fire Chief in Ghana to support fire safety reforms and market fire prevention efforts
3 hours -
Mason goes on remand for stealing
3 hours -
Gov’t cuts fuel taxes, deploys buses to curb impact of rising fuel prices
3 hours -
Interior Minister calls for intelligence-driven strategy as Ghana strengthens counter-terrorism efforts
3 hours -
Adenta Circuit Court remands Pastor William Gyimah over viral threats against Vice President
4 hours -
“We’ve implemented changes to prevent a repeat of the AFCON final” – CAF President Motsepe
4 hours -
Gov’t orders deployment of Metro Mass buses to cushion commuters amid fuel price hike
5 hours -
Key Indian state polls begin in test for Modi’s party
5 hours -
Playback: Gomoa Easter Carnival in photos
5 hours -
Gov’t orders removal of fuel taxes to ease pump price hikes
5 hours -
“Whatever the decision of CAS, we will respect it” – CAF President Motsepe after AFCON final meetings in Morocco
6 hours -
Emma Ankrah: When waiting becomes part of treatment – Reflections on hospital care
6 hours -
Ghana urges travellers to prepare for new EU border system roll-out
6 hours -
Mahama enforces fuel coupon ban for ministers as cabinet moves to slash fuel taxes
6 hours -
Task force probes strange fish deaths in Tema
6 hours