Tuesday, December 26, 2006

Philippines no longer #1 on online fraud worldwide

Two months ago, I mentioned about the Philippines being #1 in online fraud worldwide. Apparently, we are no longer that as the local bank and payment processor responsible for it was just sanctioned and have their credit card processing license revoked and heavily penalized by the major credit card networks. This comes in as good news.

It seems the stringent efforts by credit card companies are paying off as online fraud is slighty lower this year. Small merchants are hit hardest by online fraud. Fraudsters pocket US$3 billion from US e-commerce sites this year.

2 comments:

Michael said...

That's good news Janette.

Heads up, I mentioned iblog2 here:
The Most Popular Pinoy Blog Posts for 2006

janette toral said...

Thanks Michael! I hope you can join us in iBlog3.

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