Sixty percent of U.K. online retailers do not know if they comply with the Payment Card Industry data security standards, according to a survey the British payment technology vendor Sage Ltd. released on Tuesday.

Sage conducted the Internet survey of 1,000 online retailers during the first two weeks of April.

A spokeswoman for Sage said 68% of the respondents reported that "payment fraud remains the most daunting element of running an online business."