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VISA CONCERNED AT RISE IN INTERNET FRAUD

News, 01 May 1999

GLOBAL PAYMENT card Visa has voiced concern at the growing level of frauds and payment disputes arising from web transactions. The internet currently accounts for only 1% of Visa’s £463bn European turnover, but generates nearly half of all disputes and fraud investigations. Some 22% of disputes and frauds centre on claims that the transaction never took place or that orders were not received. Visa urges a faster take-up of the SET (Secure Electronic Transaction) protocol and a speedy move towards digital signatures.