LexisNexis Risk Solutions report: fraud still on the rise

The study focuses on fraud trends in the US and Canadian financial services, alternative payment mechanisms, the rise of online and mobile transactions, and international expansion in payments. According to the study, the cost of fraud for the US financial services and lending companies has increased up to almost 10% during the pandemic years, mentioning that every USD 1 fraud loss costs companies USD 4. 

Some other key findings include that mortgage lending attracts fraudsters, mobile channels impact higher fraud costs and volumes, and identity fraud represents a significant part of fraud losses. 

Banks and mortgage lenders also face additional challenges when fighting fraud, as fraud detection must remain frictionless to the clients and not put additional strains on their end. 

For more information about regulatory and business information provider LexisNexis, check the company’s profile here.