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Bloomberg
Retailers are so worried about fraudulent purchases online, many say they’re rejecting legitimate transactions out of fear that they may be fake.
Sixty-seven percent of retailers have online security measures that are quick to cancel any transaction that raises suspicion, according to a survey by Experian, a global information-services company. When gauging all businesses that figure rises to 71 percent.
The concerns are causing companies to leave money on the table, as they go to ever-greater lengths to prevent hacking attacks and internet security breaches.
Companies have a strong incentive to err on the side of caution: Shares of Chipotle Mexican Grill Inc. plummeted in 2017 after it
disclosed a data breach, while the news that hackers stole the personal information of millions
from Equifax Inc. sparked a class action lawsuit and outrage across the US.