For retail merchants as well as the consumers they serve, maintaining proper transaction processing security is often considered a high priority. However, recent research has revealed that this may not necessarily be the case in the European Union (EU), and that a significant amount of the region's residents have been victimized by fraud or identity theft.

For retail merchants as well as the consumers they serve, maintaining proper transaction processing security is often considered a high priority. However, recent research has revealed that this may not necessarily be the case in the European Union (EU), and that a significant amount of the region's residents have been victimized by fraud or identity theft.

According to Finextra, the European Commission conducted the survey, questioning 27,000 residents throughout all 27 member states of the EU. It found that 12 per cent have been hit by fraud and 8 per cent have succumbed to identity theft. Overall, the statistics appear to indicate that one out of every five European internet users has been the target of such cybercrime.

Additionally, the news source reports that a notable number - 29 per cent - of respondents feel poorly equipped to safely conduct business and shop online, and 59 per cent claimed to be less than aware of cybercrime's risks.

As a response, the European Commission is developing a new facility dedicated to the investigation and interdiction of cybercrime, slated to open in January 2013. The EU's commissioner for home affairs, Cecilia Malmström, classified this issue as a high priority.

"While ever more people are making the most out of the internet and benefit from the digital economy, it is not surprising that security of personal information and online payments top the list of our concerns," she said to the news source.

By contrast to the EU, financial crimes such as debit card fraud have showed a marked decline in Canada during recent years. According to Interac, while $70 million was lost to debit card fraud in 2011, this sum is nearly half of the $142.3 million lost in 2009 and the lowest figure for this metric seen since 2005.