Every Dollar Lost to Fraud in Asia Pacific Costs Firms S$3.95 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 58% of APAC organizations year-on-year.In APAC, digital channels account for more fraud losses than physical channels.Most APAC organizations say fraud is affecting their customer conversion rates.SINGAPORE, April 29, 2024 /PRNewswire/ -- LexisNexis® Risk Solutions has unveiled the findings of its 2023 LexisNexis® True Cost of Fraud™ Study – Asia Pacific. The annual report, based on a commissioned survey conducted by Forrester Consulting, reveals that businesses in APAC now bear a cost of fraud that is 3.95 times the face value lost in fraudulent transactions.In APAC, 58% of companies reported an increase in fraud in the 12 months prior to the survey, while organizations incur an average cost of S$3.95 ($3.07 for retailers and $4.59 for financial institutions) for every Singapore dollar lost to fraud. These costs encompass financial losses due to fraud, as well as internal labor expenses, external costs, legal costs and recovery fees, along with the expenses as
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