Cybersource's latest look at digital fraud in the UK identifies clean fraud - using a stolen card - and account takeover as the major areas for concern.
The survey talked to 200 businesses, 34 of which operate in the travel sector.
While the findings steer away from sector-specific observations, the concerns around account takeover are framed in the context of travel loyalty schemes, where there are trillions of legitimately earnt points worth billions which fraudster can get their hands on by accessing a member's account.
It appears as if this type of fraud is now a bigger concern for UK e-commerce businesses than straightforward payment fraud. Respondents expressed concern over the difficulty in identifying account takeovers and the danger to revenue and reputation of inadvertently blocking a genuine customer.
UK plc is still relying on manual reviews as a part of its fraud detection process, although the survey - carried out in October last year - has 50% of businesses relying on manual reviews. This number has been coming down over the past few years.
But at the same time, manual review seems to be a good way for businesses to detect patterns and trends and then use this insight to define the rules for the automated tools.
And issues around online fraud are unlikely to go away - the study points out that while e-commerce is expected to grow in the UK by 10% over the next few years, two-thirds of businesses are not planning to spend more on fraud detection over the next twelve months.
Mobile is seen by 31% of the sample who sell via a mobile web or app as more vulnerable to fraud than desktop.
Click here to access the report.
Related reading from Tnooz:Online travel fraud is fraud, it’s not the fault of online or travel (April 2016)
Looking back and ahead – progress in travel payments (Dec 2015)
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