Fraud causes revenue loss for nearly 90% of businesses, up to 9% affected
A recent survey conducted by Veriff has revealed an increase in fraud attempts this year, resulting in significant financial losses. Nearly 90% of respondents reported that their organization experienced up to 9% revenue loss due to fraud. This indicates that companies with a $100 million annual revenue could potentially lose $9 million annually as a result of fraudulent activities.
Key findings from the survey include:
- Almost 87% of respondents reported a surge in online fraud in April 2024, with only 1.19% reporting no fraud attempts in a month.
- More than 86% mentioned that customers expect effective fraud prevention measures.
- 79% of CEOs are utilizing AI and ML technologies in fraud prevention efforts, while nearly 78% of U.S. decision-makers indicated an increase in the use of AI in fraudulent activities.
According to two-thirds of U.S. decision-makers, more proactive measures should be taken to safeguard organizations from online fraud.
