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Fraud costs surge as North America’s ecommerce and retail businesses face mounting challenges

Summary by CDR – Chain Drug Review

ATLANTA — LexisNexis Risk Solutions has released the fifteenth edition of its annual LexisNexis True Cost of Fraud™ Study: Ecommerce and Retail Report – US and Canada Edition. The report, based on a survey of 569 fraud and risk executives, reveals that fraud costs remain a growing challenge, with US merchants incurring an average cost of $4.61 for every $1 of fraud, compared to $4.52 in Canada. Mobile transactions such as digital wallets, peer-t…

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Digital Transactions

The Cost of Fraud Continues to Rise for Merchants, LexisNexis Finds - Digital Transactions

Fraud costs merchants in the United States $4.61 for every $1 of fraud incurred, up 32% from $3.16 in 2022, according to LexisNexis Risk Solutions’ annual True Cost of Fraud Study. In Canada, fraud costs merchants $4.52 for every $1 of fraud incurred. Driving the increase is that criminals are attacking merchants from more entry points than ever before, not just at checkout. Attack points include account takeovers and synthetic identities to op…

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