Companies in most industries fighting internet fraud

09:37 11th May 2009

Businesses in most industries around the world are having to tackle internet fraud on a day-to-day basis, according to CyberSource.

A spokesman for the electronic payment and risk management solutions provider said that airlines lost nearly £950 million to internet fraud throughout the course of 2008 and that the problem has risen with the proliferation of ecommerce.

Computer training could help individuals become more aware of the issues raised by internet fraud and could potentially help businesses tackle the problem more effectively.

The spokesman said: "The cost of fraud to airlines is much more than simply the direct revenue losses incurred when fraudulent bookings are made. Airlines should look to consider the total cost of fraud by taking an end-to-end view."

He added that expenses associated with investigating fraudulent claims add to the total cost of malicious internet activity.

According to CyberSource, last year's airline industry loss of nearly £950 million to internet fraud accounted for nearly one per cent of all ticket sales around the world.