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LexisNexis

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September 18, 2012

LexisNexis Releases 4th Annual 'True Cost of Fraud' Study

LexisNexis logo 140pxAccording to a new study released by LexisNexis Risk Solutions, for every $100 in fraudulent transactions, retailers surprisingly incurred a 'true' cost of $270.

Findings from the study show the cost of fraud is on the rise compared to last year. This year’s cost of $2.70 per $1.00 in merchandise is up $0.40 from last year’s level of $2.30. One of the areas of major fraud growth is the mobile sector. This year, mobile merchants paid $2.83 for every $1.00 lost compared to just $2.00 for 2011, an increase of more than 40 percent. The analysis in the study shows that criminals are shifting more attention to merchants that use a broader array of sales interaction methods, including browser, applications, text and evolving near-field communication methods.

The 4th annual LexisNexis True Cost of Fraud Study examines how fraud affects retail merchants, financial institutions and U.S. consumers, as well as identifies and quantifies the losses involved in a fraudulent retail transaction.

May 07, 2012

September 13, 2011

LexisNexis Releases 3rd Annual 'True Cost of Fraud' Study

LexisNexis logo 140pxAccording to a new study released by LexisNexis Risk Solutions, for every $100 in fraudulent transactions, retailers surprisingly incurred a 'true' cost of $230.

According to the study, retail merchants and financial institutions reported an overall decline in fraud rates and transactions while total retail sales rose. However, the research suggests that this is not the time to lose focus on fraud mitigation, as fraudsters’ techniques continue to evolve as retailers enter new markets through international and mobile channels. Consumers also experienced a decline in fraud losses overall but the average time it took to resolve fraud issues rose by 57% and the out-of-pocket costs of fraud rose by $244.

February 18, 2011

November 09, 2009

LexisNexis Studies US Merchant Fraud Losses

According to a new report released today by LexisNexis® Risk Solutions, U.S. merchants are incurring $191 billion in fraud losses each year. The 2009 LexisNexis® True Cost of Fraud Benchmark Study discovered that merchants must absorb nearly 10 times the identity fraud cost incurred by financial institutions. Retail merchants experience a massive $100 billion in losses solely attributed to identity fraud, which escalates to $191 billion when factoring in the additional cost of lost and stolen merchandise. The study also found that merchant fraud losses amounted to more than 20 times the total value of consumer fraud victim losses which totaled approximately $4.8 billion in 2008. READ MORE »

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