ATLANTA — LexisNexis® Risk Solutions released the findings of its Digital Payment Fraud in High Growth Markets Study, a commissioned survey conducted by Forrester Consulting that explores the rise of digital payments and fraud attacks and examines what firms are doing to become future-fit with better fraud management. The survey consists of 326 decision-makers from Latin America (LATAM), Europe/Middle East/Africa (EMEA) and Asia-Pacific (APAC) in sectors such as financial services, media, retail and telecommunications.
Fraudsters are targeting consumers who are increasingly becoming reliant on digital channels for their shopping, entertainment and banking activities. This has further intensified during the pandemic and spurred new fraud trends. Companies are prioritizing their fraud prevention strategies as a result while focusing on the consumer’s digital experience to retain and acquire new consumers and increase consumer confidence.
Key Findings from the LexisNexis Risk Solutions Digital Payment Fraud in High Growth Markets Study:
“The rapid transition to digital transactions can be a double-edged sword,” said Pratik Choudhary, manager of fraud and identity strategy for LexisNexis Risk Solutions. “While it significantly improves the consumer experience it has left many organizations vulnerable to fraud. Businesses need to embrace newer payment methods, including online banking and digital wallets, but also prepare for the sophistication of payment fraud. With a strong fraud risk management and fraud monitoring capabilities, institutions across high growth markets can reduce fraud losses, maintaining customer trust and safeguard their reputation, all while preparing for new regulations.”
Download a copy of the Digital Payment Fraud in High Growth Markets Study.
About LexisNexis Risk Solutions
LexisNexis® Risk Solutions harnesses the power of data, sophisticated analytics platforms and technology solutions to provide insights that help businesses across multiple industries and governmental entities reduce risk and improve decisions to benefit people around the globe. Headquartered in metro Atlanta, Georgia, we have offices throughout the world and are part of RELX (LSE: REL/NYSE: RELX), a global provider of information-based analytics and decision tools for professional and business customers. For more information, please visit LexisNexis Risk Solutions and RELX.