Both the volume of and monetary losses caused by fraudulent transactions have sharply increased in the past year.
According to the “2016 True Cost of Fraud Report” from LexisNexis Risk Solutions, the monthly average of fraudulent transactions has increased 32% to 206 from 156 in 2015. In addition, the monthly average of prevented fraudulent transactions has risen 33% to 236 from 177.
The study of more than 1,000 risk and fraud executives in e-commerce and multichannel retail organizations also shows that the level of fraud as a percentage of revenues has inched upward from 1.32% to 1.47%. For mobile commerce and international retailers, that percentage has climbed to 1.69%.
For e-commerce retailers, the study shows there has been a 49% year-over-year increase in chargebacks. Credit cards remain the most common method of payment for fraud. This form of payment represents 41% to 63% of fraudulent transactions across all retail categories. Results indicate credit card fraud presents a particular challenge to mobile commerce retailers.
“Merchants that deploy remote channels experience a disproportionate amount of fraud,” said Aaron Press, director of e-commerce and payments for Lexis-Nexis. “They are especially challenged with fraud in the mobile channel.”
The study will be officially released at the Card Not Present Expo on May 23.
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