Growth in fraud leads businesses to ramp up prevention efforts

Businesses could be forfeiting up to five percent or more of their revenue to fraud, considering the hidden costs of operational inefficiencies, compliance penalties and customer attrition, according to a new report. Based on responses from almost 600 decision-makers and strategic leaders across financial services, fintech, payments, eCommerce and iGaming, the study from fraud prevention and compliance specialist SEON, finds budget allocations indicate that 86 percent of companies are spending over three percent of revenues on anti-fraud measures. Fraud is outpacing growth too with 43 percent of businesses reporting fraud growth outstripping revenue, highlighting an urgent need for advanced defenses.… [Continue Reading]