Report: PayPal Safer than Cards as Online Payment Method, Acculynk Safest of All
June 2, 2014
Ohio-based online payments provider 2Checkout released its inaugural quarterly fraud report and found high-value transactions experience the highest fraud rates and that PayPal is safer for merchants than credit cards. Among the major credit-card brands, the report also found, MasterCard users are 21 percent less likely to conduct fraudulent transactions than the others. Discover and Diners Club had the highest rates of fraud. The safest payment method of all examined in the report was PIN-debit technology provider Acculynk.
“We have 300-plus heuristics and some clever network intelligence to actively monitor and stop fraudulent transactions before they occur,” said Daniel Greenberg, CMO of 2Checkout. “This has provided us with some unique insights into the market.”
In addition to payment types, the company also looked at fraud perpetrated in different geographies and currencies. Transactions from Indonesia, Pakistan, and Romania consistently showed the highest fraud rates when evaluated either by the buyer’s billing address or IP address. Norway, Finland, Denmark and Belgium had the lowest fraud rates. Surprisingly, 2Checkout deems the Russian ruble as the safest currency in the world, from an online fraud standpoint.