Credit Card Fraud Losses Top 700 Million

E-Commerce News – March 4, 2002

Fraud Continues to Haunt Online Retail

More than $700 million in online sales were lost to fraud in 2001, representing 1.14 percent of total annual online sales of $61.8 billion, according to GartnerG2.

A Gartner Internet survey of more than 1,000 adult U.S. online consumers conducted in January 2002, showed that 5.2 percent of respondents were victimized by credit card fraud in 2001 and 1.9 percent were victimized by identity theft (although respondents do not know whether the theft occurred online or offline).