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Preventing Fraud and Verifying the Cardholder’s Identity

Worldwide Internet connectivity continues to grow at an explosive rate. The telecommunications industry is expanding the global network of cellular, fiber, satellite and even peer-to-peer technologies at a blistering pace. This convergence is opening new corridors of connectivity and thus business opportunities across the planet. As internet commerce grows, *projected to be nearly $350 billion worldwide by 2015, so do the opportunities for fraud. Online fraud accounted for over $11 billion worth of transactions in 2012 and has increased again for a third straight year. Even more troubling for businesses is that the percentage of revenue lost to fraud is rising (increasing from 0.51% in 2013 to 0.68% in 2014, according to a recent Lexis Nexis report). This is a problem that can be successfully mitigated, if not completely prevented.

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