While the online retailing environment has provided businesses with an unparalleled opportunity to expand and improve their profits, it has also increased the vulnerability of businesses to online credit card fraud. This report presents findings of an empirical study of the risks faced by Australian small businesses when they trade online. The study was based on telephone interviews with 1,078 small businesses in five business types across Australia in April 2003. It investigated proportions of online retailers within each business type, the prevalence of online credit card fraud among these retailers, repeat victimisation, reporting to the police, financial losses due to online credit card fraud, knowledge about financial liability from online credit card fraud, preventive strategies used, and attitudes toward financial institutions. The report also includes recommendations for fraud prevention measures and better online trading practices. The findings of the study are intended to be of use to businesses that are currently retailing online, or contemplating online trade, as well as a resource for policy-makers and researchers.