Every Dollar Lost to a Fraudster Costs North America's Financial Institutions $4.41 According to LexisNexis True Cost of Fraud Study from LexisNexis Risk Solutions [Yahoo! Finance]
RELX PLC PLC American Depositary Shares (Each representing One Ordinary Share) (RELX)
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Source: Yahoo! Finance
Fraud makes it more difficult for 79% of respondents to win consumer trust ATLANTA April 24, 2024 /PRNewswire/ -- LexisNexis® Risk Solutions unveiled the findings of the seventh edition of its annual LexisNexis® True Cost of Fraud ™ Study: Financial Services and Lending Report — U.S. and Canada Edition . The report, based on a commissioned study conducted by Forrester Consulting, reveals 63% of financial firms reported an overall fraud increase of at least 6% within a 12-month period, with digital channels accounting for half of the overall fraud losses. The LexisNexis Fraud Multiplier™ variable increased for all financial services segments in the U.S. and Canada , with greater increases for firms in Canada , which now lose nearly an extra dollar for every of fraud loss compared to last year: in 2023 versus in 2022, representing a 28% increase on average. U.S. investment firms and credit lenders reported a 9% year-over-year increase, which was notably higher than U.S. banks and m
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