LexisNexis® Risk Solutions True Cost of Fraud™ Study: Ecommerce and Retail Report

Payments

Fraud

LexisNexis

Mar 27, 2024

Whitepapers

Digitalization continues to transform the industry. One-fifth of transaction volume occurred via digital payments methods such as digital wallets, payment apps, Buy Now Pay Later (BNPL) schemes and cryptocurrency. Digital transactions drive over half of revenue.

As adoption of digital services increases in North America and daily life grows more digitized, cybercriminals are seeing more opportunities to exploit both consumers and businesses. Across the region, more than half of respondents surveyed reported an increase in fraud (by 6% or more) over the last 12 months.

To successfully balance fraud prevention friction against a seamless customer experience, forward-thinking merchants are orchestrating multi-faceted solutions via fraud platforms. To help manage risk across different use cases they leverage three complementary lenses: physical identity, digital identity and past transaction behavior.

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