Fraud Costs Increased More Than 10% over Pre-Pandemic Levels for APAC Businesses, According to LexisNexis Risk Solutions Study

Each Fraudulent Transaction Costs Nearly U.S. $4 for Every $1 Lost to Fraud

SINGAPORE, July 7, 2022 /PRNewswire/ — LexisNexis® Risk Solutions released the latest Asia-Pacific edition of the LexisNexis® True Cost of Fraud™ Study, which surveyed 387 risk and fraud executives in Malaysia, Philippines, Singapore and Thailand. The study analyzed fraud trends in retail, ecommerce, financial services and lending industries and spotlights key pain points related to new digital payment methods and transaction channels.

The study found the cost of fraud rose 10% – 16% across APAC from 2019 pre-pandemic levels. The LexisNexis Fraud Multiplier™ determined that for every U.S. $1 lost to fraud costs the organization an average of $3.99, compared to $3.50 in 2019. The cost of fraud per transaction was higher than average, costing digital banks and alternative lenders