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Fraud not our fault, say SMEs

Aug 12 2008

Nearly all of the UK’s small online businesses believe that fraud is not their responsibility, a survey of 350 businesses reveals.

Some 99 per cent of businesses surveyed by payment processor PayPoint.net believe liability for fraud lies with banks, credit card issuers and payment service providers.

Alessandro Hatami, managing director of PayPoint.net, says: ‘Small online businesses lack the resources of their larger competitors but have an even greater interest in ensuring their customers have the safest possible experience on their site.

‘This situation has led to a haphazard approach to managing fraud – which is in stark contrast to what larger businesses are able to do.’

Additional PayPoint.net research among 1,000 consumers shows that only three per cent of online shoppers would trust a small online business with their money, preferring to shop with larger online brands, while a further 81 per cent say they have doubts about the security credentials of small, unknown companies.

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