U.S. merchants lost an estimated $2.6 billion to online fraud in 2004, a 37% increase over the 2003 estimate, according to a study released by CyberSource Corporation. The rate of fraud as a percentage of online revenues has not increased from last year, but an increase in online sales leads to an increase in fraud losses. This year’s losses are estimated at $700 million more than in 2003. Mid-range companies with annual online revenues between $500,000 and $5 million are expected to be hit t...