Growth in fraud leads businesses to ramp up prevention efforts

Quick Summary:

Based on responses from almost 600 decision-makers and strategic leaders across financial services, fintech, payments, eCommerce and iGaming, the study from fraud prevention and compliance specialist SEON, finds budget allocations indicate that 86 percent of companies are spending over three percent of revenues on anti-fraud measures.

Businesses could be forfeiting up to five percent or more of their revenue to fraud, considering the hidden costs of operational inefficiencies, compliance penalties and customer attrition, according to a new report.

Fraud is outpacing growth too with 43 percent of businesses reporting fraud growth outstripping revenue, highlighting an urgent need for advanced defenses.

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Article Details

Author / Journalist: Ian Barker

Category: Technology

Markets: United States

Topics: Cybersecurity Artificial Intelligence (AI) Fraud Article

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-03-05 @ 14:16:59 (1 days ago)

News Timezone: GMT +8:00

News Source URL: betanews.com

Language: English

Article Length: 308 words

Reading Time: 2 minutes read

Sentences: 14 lines

Sentence Length: 22 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © BetaNews

News ID: 26680222

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Official Website: betanews.com

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