The study released by LexisNexis Risk Solutions and developed in partnership with Javelin Strategy & Research, has shown that for every USD 100 in fraudulent transactions, retailers incurred USD 310 in total losses, including costs associated with replacing lost or stolen merchandise. Additionally, the study found that consumer victims of retail fraud incurred USD 5.5 billion in costs resulting from un-reimbursed losses, legal fees and other factors.
Other highlights of the report include the findings that merchants who accept mobile payments witnessed the highest volume of fraudulent transactions. In addition, fraud appears to have a disproportionate impact on large merchants (those earning greater than USD 50 million in annual revenue).Large merchants experienced more than double the average annual fraud loss of their smaller counterparts.
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