Online retailers ignorant of fraud responsibilities

NEWS Seventy-five per cent of online retailers are concerned about online credit card fraud, but only 41 per cent realise they could be financially liable, according to a recent survey. A spokeswoman for Cybersource, which financed the research, said: "When you are in a regular store like Macy's or Harrods, the retailer is not liable if fraud takes place, the bank will typically pick up the bill. But in a 'card not present' situation, such as over the phone or the Internet, the retailer is liable for any loss." Cybersource also claims 74 per cent of Net merchants believe that online fraud will increase this Christmas.