The study also shows that 1 in 5 Brits have any idea who pays for cybercrime. The general attitude towards the crime, with 30% of respondents not bothered at all about card fraud affecting them personally as they know they will get the money back.
When asked who they think ultimately pays the bill for goods bought with stolen card details, only 18.6% of responded correctly, that it is in fact the merchant who ends up paying, not the card company or bank provider.
With merchants losing 60% of chargeback disputes, raising considerable revenue for the card industry in the process, many argue this is eliminating the card companies incentive to pursue fraud.
Gerry Carr, commercial director at Ravelin, said that merchants face such a daunting task in outpacing fraudsters, especially as any false positives arising from fraud screening (when a genuine transaction is rejected) could result in a loss of business or loss of sale of goods.
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