AIR+09 Feb 2022

Pandemic accelerated pace of fraud attacks in 2021

| 09 Feb 2022

With the pandemic at full throttle, markets in APAC saw an increase in use of digital transactions and payments, which increased the risk of fraud attacks. According to a report by LexisNexis Risk Solutions, the cost of fraud for retail, e-commerce and financial institutions in the surveyed markets had risen to between 3.51 and 3.87 times the actual lost transaction value in 2021, from an average of 3.40 in 2019.

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