Roswell, GA -- (SBWIRE) -- 05/27/2016 -- Everyone who has been a victim of credit card fraud would vouch on how excruciating and terrifying a situation like that can be. One would think things like fraud would be solved relatively soon, considering advancements in technology. However, this is very far from being true. In fact, online purchases have made fraudulent transactions even more common than they were few years ago.
Countless experts predicted that card-not-present transactions would make fraudulent transactions way more common. What they didn't predict though was consumers´ attitude towards this increase in cybercrime. Of all the people who suffered from fraud, 56% said they considerably reduced their online shopping, stopped using their credit card so often or even stopped using it completely. This shows us the majority of the consumers reckon a situation like that will occur again in the future. It´s worth to mention that 78% of the online shoppers have said they don´t feel safe enough when purchasing online.
Closing an account won´t have a significant negative effect on the consumers´ life, for they feel safer that way. The real losers are the card issuers, as they are losing revenues with each consumer that decided to close their card account as a result of a fraudulent transaction. Of course, chances are they will keep using cash to pay for their consumables. However, this won't generate any revenues for card issuers, which is why they are so concerned about this growing problem.
For this reason, there is an immense focus on trying to increase the safety when shopping online. However, to this day, nobody has come up with a viable solution that makes online shopping a completely safe experience both for buyers and merchants.
All in all, we can safely say fraudulent transactions hugely compromise more than just a handful of people.
About Netcom PaySystem
To learn more about Netcom PaySystem payment processing solutions, simply fill out this quick online application to get started and a representative will be in contact within 24-48 hours or for faster service please feel free to contact us at 800-875-6680.
Netcom PaySystem prides itself on being eager to practice good, old-fashioned customer care as it is to pioneer new products. Netcom PaySystem is proud to provide the most up to date and innovative products such as m-Commerce Mobile Solutions, and Virtual Terminal solutions. In addition, the company offers the merchant access to POS Systems, ACH Check Services, Check Guarantee, Recurring Billing, Check21, BOC, Credit and Debit Card Processing, Gift and Loyalty Cards, and Merchant Working Capital. Netcom PaySystem's attrition rate is one of the lowest, if not the lowest in the industry. Netcom PaySystem can proudly boast that that only two to four percent of its clients ever leave the company, and out of that; close to 50 percent return within the first year. For more information, please visit http://netcompaysystem.com.
Company Name: Netcom PaySystem
Contact Person: Media Relations
Country: United States