A dollar of retail fraud now costs merchants about $3.13 to deal with on average, and increases in mobile commerce and international transactions are largely to blame, according to new data from LexisNexis Risk Solutions.
The company’s 10th annual “True Cost of Fraud” study surveyed 700 US risk and fraud executives in retail and e-commerce businesses found that $1 of fraud now costs merchants more than three times as much in chargebacks, fees, merchandise redistribution, investigation labor, legal prosecution and IT software and security. That’s an increase of 6.5% from $2.94 last year… Credit Union Times
