Every Dollar Lost to Fraud in Australia Costs Firms AUD$3.68 According to LexisNexis True Cost of Fraud Study [Yahoo! Finance]
RELX PLC PLC American Depositary Shares (Each representing One Ordinary Share) (RELX)
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Source: Yahoo! Finance
Four in five Australian organisations say fraud is affecting their customer conversion rates. SYDNEY 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 Australia , 66% of companies reported an increase in fraud in the 12 months prior to the survey, while organisations incur an average cost of AUD$3.68 ( for retailers and for financial institutions) for every Australian 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 associated with replacing or redistributing lost or stolen merchandise. While rapid adoption of digital payments not only impr
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