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.