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E-retailers cut their fraud losses
Online retailers reduce their fraud losses.
E-commerce sales in the U.S. and Canada rose 10% last year from 2009, to $300 billion, according to figures compiled by CyberSource Corp. that include transactions at government, education and not-for-profit organizations as well as online retail sales of consumer products, event tickets and travel services. But related losses from online fraud fell below $3 billon for the first time since 2005, CyberSource says in its 2011 Online Fraud Report. The $2.7 billion lost to online fraud last year was 0.9% of online revenue, down from $3.3 billion or 1.2% in 2009 and from $2.8 billion or 1.6% or in 2005. Merchants are rejecting more suspicious orders, at a rate of 2.7% in 2010, up from 2.4% in 2009. And in several consumer products categories, retailers rejected orders at significantly higher rates. Consumer electronics e-retailers rejected orders at the highest rate, 5.9%, but that was down from 6.6% in 2009. The study also notes that merchants contested 55% of their chargebacks in 2010, winning 41% of the cases.