Effective Fraud Protection Improves Customer Experience and Boosts Profitability
It’s a common misconception that fraud only affects financial services firms.
The evolution of online channels and the ease of establishing online capabilities (e.g. mobile payments) has made fraud an issue in other verticals as well.
And the business of fraud is booming, with companies scrambling to keep up!
As fraudulent activity continues to rise, so does the amount of money that companies spend each year to combat it.
LexisNexis estimates that in 2017, the cost of fraud was 1.58% of revenue for retailers, 2.17% of revenue for eCommerce, and 2.39% of revenue for financial service companies. As the cost of fraud continues to rise, Forrester estimates that eCommerce fraud in the US and Western Europe reached $18.6 billion in 2018. Fraud prevention measures can be expensive for companies and frustrating for customers.
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