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Firms in fear of online fraud

Aug 04 2003

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Many UK small business owners are being deterred from trading online due to concerns over becoming a victim of internet fraud, according to research conducted by smallbusiness.co.uk.

The survey, carried out via smallbusiness.co.uk's fortnightly businessGO newsletter, found that while 65 per cent of respondents would be happy to trade online, a hefty 35 per cent admitted that the potential threat of internet fraud was enough to dissuade them.

Coming hot on the heals of a recent report from the Federation of Small Businesses (FSB), which estimated that internet fraud now costs British businesses Ł28 million a year - a Ł25 million rise inside of three years - the news will come as a blow to champions of the online cause.

And with the banks introducing new systems for tackling cardholder present fraud, the FSB is concerned that this figure could just be the tip of the iceberg. "There is a danger that as [in store card technology] takes off, fraudsters will just use the internet instead" warns FSB policy chairman John Walker.

Government-backed e-commerce advisory service UK online, meanwhile, recently unveiled its latest initiative aimed at encouraging firms to embrace new technology. The organisation's www.ukonlineforbusiness.gov.uk website now carries video diaries from two firms - one a manufacture, the other a recruitment agency - profiling their assimilation of various new technologies.

"By seeing real life examples of companies using technology, businesses will be able to get a wide range of tips - from purchasing to implementation - and, ultimately, be given confidence to take the next steps to develop their e-business activity" commented Liz Grant, director of e-policy at UK online.

The video diaries can be viewed by clicking here.

4/8/03

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