Every Dirham Lost to Fraud in UAE Costs Firms AED$4.19 According to LexisNexis True Cost of Fraud Study
RELX PLC PLC American Depositary Shares (Each representing One Ordinary Share) (RELX)
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Source: PR Newswire
Fraud has increased for 42% of UAE organizations year-on-year.For the first time in EMEA, digital channels account for more fraud losses than physical channels.Almost all UAE organizations say fraud is affecting their customer conversion rates.DUBAI, UAE, April 17, 2024 /PRNewswire/ -- LexisNexis® Risk Solutions has unveiled the findings of its 2023 LexisNexis® True Cost of Fraud™ Study – Europe, Middle East and Africa. The annual report, based on a commissioned survey conducted by Forrester Consulting, reveals that businesses in EMEA now bear a cost of fraud that is 3.90 times the face value lost in fraudulent transactions.In the UAE, 42% of companies reported an increase in fraud in the 12 months prior to the survey, while organizations incur an average cost of AED$4.19 (AED$3.62 for retailers and AED$4.99 for financial institutions) for every dirham lost to fraud. These costs encompass financial losses due to fraud, as well as internal labor expenses, external costs, interest and f
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