Perception and reality may not always be the same, certainly not if the issue is security of payments instruments. The EU has commissioned a study, that was presented last week at a conference on Payments and Security.
At the conference, a range of distinguished speakers (including representatives of ECB, the Commission, Visa, Mastercard, European Payments Council) presented their vision. Hans v/d Velde, President of Visa Europe had some interesting Visa-information:
- 80 % of EU consumers also buy in the EU,
- EU exports a net amount of € 60 million euro per month in e-commerce (more people buy from other countries in the EU than EU-citizens buy in other countries),
- in July 2003 60.000 chargebacks were presented to Visa, totaling an amount of € 8 ,illion euro),
- of the chargebacks, 85 % is estimated to be fraudulent,
- e-commerce transactions are 15 % more probable to be fraudulent than regular transactions.