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Fraud and impact on ecommerce

Posted by Michael Bloch in ecommerce (Monday June 11, 2007 )

Joe surfer has become more security conscious, which is great; but it’s also seriously impacting on ecommerce’s overall bottom line according to a recent report.

Emarketer’s highlights of their “Online Security: Counting the Cost of Fear” report reveals some interesting statistics relating to the impact phishers, scammers, fraudsters and other bottom dwwelling parasites’ have on consumers and honest online merchants.

Among the findings (based on data from 2006):

– 30% of US adult Internet users curtail online spending to prevent identity theft

– 24% of US adult Internet users limit online banking to prevent identity theft

– 32.7 million US adult Internet users have ceased or refuse to start online banking due to security concerns

– Over 1.9 billion dollars of ecommerce revenue was lost during 2006 due to shoppers being skittish in online transactions

– The total economic damage from phishers, malware, viruses and spyware for last year was in the region of a staggering 8.43 billion dollars

While effective marketing and promotion are key in boosting your online store’s bottom line, reassuring your visitors you won’t sting them is becoming an increasingly crucial aspect of online business operations. Pick up some tips in the articles below.

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