Monday, September 22, 2003

EU study on perception of security

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.