Sunday, April 16, 2006

Web Merchants Fighting Costs of Fraud

The Associated Press ran a story today on web merchants and how they plan to fight the increasing costs of fraud - now pegged at hundreds of millions of dollars each year with Internet sales. Why?

According to the article, payment fraud plagues Internet merchants more than bricks-and-mortar outlets since online transactions don't require customer signatures or credit card imprints.

Intellareturn Take: While there are many ways to address these acts of fraud, the techniques of those committing the crimes will always change. EBags takes a non-tech approach by calling before shipping orders. While effective, this is also a time-consuming process. To optimize time and costs, we believe that RFID can provide a great platform with substantiating returns -- both for legitimate and unethical customers.


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