CyberSource, a Visa company, and one of the world’s largest providers of eCommerce payment management services, has announced the opening of a French subsidiary in Paris, tasked with bringing its fraud management solutions to French online retailers. This will be CyberSource’s second expansion into Europe following the opening of its EMEA headquarters in Reading, UK, in 1997.
France is continuing to ride the eCommerce wave. According to Fevad, sales rose by 19% to EUR45 billion in 2012, mainly on the back of an explosion in mCommerce, which now represents 6% of total sales (against 2% in 2011). However, on the heels of this growth, online fraud rates have been rising steadily since 2007. The French Observatory for Payment Card Security estimates this level to have reached 0.34% in 2011, up 20% from 2010.
Faced with the growth of online fraud, merchants should take a proactive approach and implement tailor-made solutions to help prevent fraud and and reduce false positives (where businesses reject orders from genuine customers in error).
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