Every Dirham Lost to Fraud in UAE Costs Firms AED$4.19 According to LexisNexis True Cost of Fraud Study

While rapid adoption of digital payments not only improves payment experiences, it also exposes numerous systems and channels to more innovative fraud attacks. Across EMEA, digital channels account for 52% of overall fraud losses, surpassing physical fraud for the first time. Consequently, cybercriminals exploit the anonymity of digital, cross-border transactions to execute fast and untraceable fraud. Additionally, the rise of scams and the use of technology, such as artificial intelligence (AI), expands cybercriminals' ability to exploit both consumers and businesses.

The study also reflects the evolution of criminal tactics. More than half (52%) of businesses in EMEA identify the rise of synthetic identities as the primary challenge in customer identity verification. Fraud remains a widespread problem for businesses, exerting pressure not only on financial resources but also impacting overall operational efficiency, customer trust and reputation.

"It is self-evident that new forms of fraud increase the risk of financial losses for consumers and businesses," said Jason Lane-Sellers, director, fraud and identity, EMEA at LexisNexis Risk Solutions. "The issues facing businesses become even more challenging due to the fraud multiplier effect, where the losses experienced by organizations continue to increase and far exceed the lost face value in any transaction. Preventing fraud requires a multi-layered approach throughout the customer journey."

Key Findings from the True Cost of Fraud Study – Europe, Middle East and Africa:

Methodology: The True Cost of Fraud Study – Europe, Middle East and Africaconducted a survey of 1,845 global fraud management decision-makers at financial institutions and retail companies, including 55 in the UAE. Data collection and survey questions reference a 12-month period. The study leverages data and analysis to understand the current state of fraud and the challenges associated with digital payments in emerging markets. This information comes from a commissioned study conducted by Forrester Consulting on behalf of LexisNexis Risk Solutions in August 2023.

Download the LexisNexis® True Cost of Fraud™ Study – Europe, Middle East and Africa.

About LexisNexis Risk Solutions
LexisNexis^® Risk Solutions includes seven brands that span multiple industries and sectors. We harness the power of data, sophisticated analytics platforms and technology solutions to provide insights that help businesses and governmental entities reduce risk and improve decisions to benefit people around the globe. Headquartered in metro Atlanta, Georgia, we have offices throughout the world and are part of RELX (LSE: REL/NYSE: RELX), a global provider of information-based analytics and decision tools for professional and business customers. For more information, please visit LexisNexis Risk Solutions and RELX.

Media Contact:
Ade O'Connor
+44 7890 918 264
ade.o'[email protected]

Logo - https://mma.prnewswire.com/media/494562/LexisNexis_Risk_Solutions_Logo.jpg

View original content:https://www.prnewswire.co.uk/news-releases/every-dirham-lost-to-fraud-in-uae-costs-firms-aed4-19-according-to-lexisnexis-true-cost-of-fraud-study-302118734.html