As consumers increasingly turn to online shopping for essential and non-essential goods while at home, fraudsters have adapted their technique to use more sophisticated tactics against consumers, banks and merchants.
There was a 7.3 percent increase in the cost of fraud year-over-year for U.S. e-commerce and retail merchants, according to a new LexisNexis Risk Solutions report.
Every dollar of fraud to merchants and firms in the retail and financial services sector is estimated to cost $2.66 on average, said a new fraud report.
