Study results show that cross- or multi-industry fraud exists and confirm the significant effect of fraud across financial services, insurance, health care, retail, communications and government.
The research was conducted in two phases over the course of a year, and closed in April 2016 and it included 800 participants from financial services, insurance, health care, retail and government organizations.
According to the study, 82% of respondents have some direct involvement in fraud mitigation programs, while the remaining respondents have oversight of these programs. Almost 50% of companies responding spend more than USD 500,000 annually on fraud mitigation vendors, and over half of the professionals indicate that cross-industry fraud has extreme/high impact on their organizations.
Nearly 29% of fraud mitigation professionals see cross-industry fraud as having a larger impact than within-industry fraud, while nearly 63% see cross-industry fraud as creating at least an equal impact.
Fraud investigators say that known fraud data is highly valuable, and in the fight against fraud, other key findings also reveal that 84% of respondents believe access to within-industry data on fraud would be valuable, and 75% see access to cross-industry data as valuable.
The LexisNexis Fraud Defense Network commissioned the national study to gain insights about how frequently fraud mitigation professionals encounter fraud cases from other companies and industries, and to understand how these professionals are using data analytics solutions for fraud detection.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now