2015 LexisNexis® Risk Solutions True Cost of Fraud Study: Merchants Contend with Increasing Fraud Losses as Remote Channels Prove Especially Challenging
September, 2015 report examines the cost of retail, mcommerce, ecommerce fraud, and offers recommendations for risk mitigation across all sales channels. Good report for merchants and those studying trends.
Key fraud trends for merchants:
- They lost an average of 1.32% of revenue to fraud and fraud related costs, an increase of 94% over 2014
- In-person fraud is trending up, with increased number of fraudulent transactions, at the same time more transactions were prevented
- While merchants prevented more MOTO and online fraud, they found it 7x harder to prevent compared to retail
- Buy online, pick up in-store, contributed heavily to shrink
- Mcommerce and international merchants consistently take greatest hit from fraud
- The average value of successful fraudulent transactions is about the same, while unsuccessful value increased
- Debit card fraud nearly doubled to 30%
- Alternative payment fraud (Paypal, Google Checkout, Bill me Later) grew about 70%
Click here to get the full 2015 fraud report from Lexis Nexis.