According to LexisNexis, United States e-commerce and retail merchants have seen a 7.3 percent increase in the amount they lose to fraud each year. LexisNexis found that U.S. employers lose $3.36 for every dollar lost to fraud, which has increased $0.96 over the last five years.
Fraudsters have attacked many organizations recently and cybercriminals have greatly increased the amount of ransom they demand, according to experts at Gorilla Technology.
A report from KPMG showed that 80 percent of Australian senior executives think their organization is vulnerable to fraud. New Zealand recently allocated $10.8 million to the Serious Fraud Office to fight fraud and financial crime.
The number of successful monthly fraud attempts has increased 43 percent in the U.S. The average amount of fraud attacks has increased nine percent monthly.
The increase in fraud could be in part due to sophisticated, malicious bots posing as legitimate customers. Nearly 60 percent of digital retailers said that distinguishing between a real customer and a bot is a top concern. Experts believe fraud will continue to increase, and they recommend that organizations conduct a complete assessments to address digital fraud. "A big uptick in fraudulent behaviour" nzcity.co.nz (Jun. 29, 2020); "Fraud costs increased 7.3% for U.S. retailers year over year" securitymagazine.com (Jul. 21, 2020).