In its second-largest acquisition, Amazon buys the company for $970 million.
Retailers are cutting their fraud losses. But they`re not getting cocky, a CyberSource survey shows.
Retailers appear to be getting better at managing online fraud-with the percent of revenue lost to fraud at a record low of 1.2% in 2009-and they remain intent on finding better ways to mitigate their losses as criminals continue to develop new ways of perpetuating fraud, according to the 11th Annual Survey of eCommerce Fraud from CyberSource Corp., a provider of online risk management and fraud-prevention technology and services. With the help of automated systems for risk-scoring orders as well as tools and services that identify consumers` geographic locations and verify their addresses, merchants are better able to tell good orders from bad ones. That shows up in lower order rejection rates on both domestic and international orders in most product categories. The two exceptions are consumer electronics and health products, the only two categories in the report with rejection rates higher in 2009 than in 2008.