With e-commerce booming, the government and police must take the associated multi-million pound criminal threat more seriously, says the British Retail Consortium (BRC).
Fraud Loss: GBP 78M. Revenue Loss: GBP 127M (205 - 78), arising from "false positives" in the fraud detection and prevention technology. These figures confirm my perennial hunch that current security technologies are afflicted with so much friction that
they cause more loss than they prevent. No wonder not a single US e-tailer I've come across uses VbV or an equivalent 2FA mechanism for CNP transactions.
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