77% of US merchants have suffered some kind of fraud since they started doing business, and more than two in three (69%) are spending significant resources on addressing payment fraud, a recent American Express study indicates.
The merchants in the survey estimate that about 27% of their yearly ecommerce sales involve fraudulent transactions, compared to 18% last year. The vast majority of merchants are concerned that they are vulnerable to payment fraud related to mobile transactions (82%), web sales (79%), and point-of-sale payments (66%).
Read more: Merchants must find ways to balance security with a seamless customer experience
