60% of marketers are unsure of fraud costs in their organization

Thursday 18 December 2014 10:57 CET | News

60% of marketers are unsure of the cost of fraud to their organization, a recent research shows.

According to a survey conducted by 41st Parameter, 40% of marketers said their organization had been targeted by hackers or cybercriminals. With holiday shopping in full stride, 35% of businesses said they planned to increase their digital spend for the 2014 holiday season.

Experian Marketing Services also reports that during 2014, 80% of marketers planned on running cross-channel marketing campaigns. Few marketers understand the resulting impact of declined transactions because of suspected fraud and this is even more pronounced among small businesses, with 70% saying they were unsure of frauds impact. 50% of mid-sized business marketers and 67% of large-enterprise marketers were unsure of the impact of fraud as well.

An uncoordinated approach to new customer acquisition can result in lost revenue affecting the entire organization. For example, the industry average for card-not-present declines is 15%. However, 1 to 3% of those declined transactions turn out to be valid transactions, equating to USD 1.2 billion in lost revenue annually.

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Keywords: marketers, web fraud, online security, hackers, cybercriminals, 41st Parameter, Experian Marketing Services
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime