As adoption of digital services increases across North America, cybercriminals are exploiting more opportunities to target both consumers and businesses. The results of the latest LexisNexis® True Cost of FraudTM Study for Ecommerce and Retail show a substantial increase both in the volume and sophistication of fraud.
New account creation poses the greatest risk, according to merchants. Nearly half of fraud losses can be traced back to this stage in the customer journey, due to common challenges verifying consumer identity information, discerning between human and malicious bot transactions and assessing international transactions with specialized fraud prevention tools. Merchants report 30% greater losses due to chargebacks in 2023 than in 2022.
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