Fraud Concerns No Match For eCommerce Growth

The growing threat of phishing attacks and increased incidences of identify theft weren't enough to keep consumers from buying online this past holiday season as e-commerce rose 88 percent, according to VeriSign's latest Internet Security Intelligence Briefing.

The fifth annual report shows the online payment service company processed $12 billion in Web sales between Nov. 1 and Dec. 31, 2004, up from $6.4 billion in sales during the same period in 2003. The volume of online transactions increased 39 percent.

The survey, which monitors trends in Internet usage, commerce, fraud and security, points to an increase in consumer confidence, growing broadband access and the availability of inexpensive goods on the Internet as driving a dramatic rise in e-commerce spending.