"As Online Fraud Rises, 72% of Retail Brands Expect to Grow Fraud Teams"

Researchers during a new study discovered that retailers around the world are increasing their fraud teams and budgets because of a significant rise in all types of online fraud during the pandemic.  Most (72%) of retail brands worldwide expect to grow fraud teams in the next year, while 76% predict their budget to tackle fraud will increase in the next 12 months.  Almost a quarter (20%) of retail companies expect their funding to tackle fraud to be significantly increased.  The researchers also found that nearly 40% of fashion and FMCG retailers see online payment fraud as their most significant fraud risk. Refund abuse, where consumers wrongly claim they never received a product they ordered online, has increased for half of the retailers. Account takeover, often the result of password reuse across multiple retailers, has also risen for 45% of retailers in the past 12 months.  The researchers believe that fraud in an ecommerce world is likely to worsen before it gets better.

Help Net Security reports: "As Online Fraud Rises, 72% of Retail Brands Expect to Grow Fraud Teams"