The study that surveyed risk and fraud executives at e-commerce and retail companies in the U.S. and Canada reveals that fraud continues to increase and most acutely affects mid to large-sized e-commerce and retail businesses.
According to the report, retailers experienced increased online and e-commerce fraud volumes and monetary losses correlating to a mass shift to online and mobile transactions during the COVID-19 pandemic. The result of increased fraud volumes translates into a 7.3 percent increase in the cost of fraud year-over-year for U.S. e-commerce and retail merchants. The “LexisNexis Fraud Multiplier” – the total amount of costs related to fees, interest, merchandise replacement and redistribution per dollar of fraud for which the merchant is held liable – shows fraud now costs companies $3.36 for every dollar lost to fraud compared to $3.13 in 2019 and $2.40 in 2016.
To learn more about the study join the company’swebinar
with Chris Schnieper, director of fraud and identity at LexisNexis Risk Solutions, on July 29 at 2:00 p.m. ET.
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