Combat the Rising Cost of Fraud Risk in Malaysia

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Better mitigate risks to manage the true cost of fraud in Malaysia

Physical and Digital Identities verification for virtual asset service providers
The true cost of Malaysian fraud is rocketing. Malaysia experienced a soaring 121% growth in transactions performed by mobile devices from 2017 to 2018.1 Add in the increased speed of transactions, bot testing stolen cards and the increased use of synthetic identities and you have all the ingredients for identity fraud.

For every fraudulent transaction, the cost to Malaysian businesses is 3.57 times the amount of the lost transaction. This translates to fraud cost equal to 1.93% of annual revenues overall.
 
With Malaysia ranking 5th among the fastest growing e-commerce countries in 2019, how do businesses balance combatting the true cost of fraud in Malaysia with the need to reduce customer friction? The answer is to move away from single-layered fraud protection and embrace a more advanced, multi-layered fraud defense technology-based strategy.

By doing so, businesses gain the abilities to verify customer identity, better determine the source and origination of transactions, verify phone identities and differentiate between legitimate transactions and malicious bot activities.

Adopting a multi-layered fraud defense strategy that incorporates transaction scoring, identity verification, active ID authentication, digital identity risk assessment, behavioral biometrics and more is key. When used effectively, these tools have the capability to authenticate both digital and physical criteria as well as identity and transaction risk. 

To find out more about safeguarding your organizations in Malaysia from insidious threats with a robust fraud and security technology platform, download the infographic or access the LexisNexis® Risk Solutions 2019 True Cost of FraudTM APAC study.

1. https://www.digitalnewsasia.com/insights/malaysias-ecommerce-still-going-gangbusters

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