It's Time To Terminate Fraud | AuthenticID

©2022 AUTHENTICID 5 4 THE TRUTH ABOUT FRAUD Fraud in retail carries a 3X multiplier. Due to administrative costs, legal time, and damage to brand image, every $1 of fraud ends up costing U.S. retailers $3.13. Source: LexisNexis® Risk Solutions 2019 True Cost of FraudSM Fraudsters double down in times of global crisis. Fraud rates have increased by 86% during the global COVID-19 pandemic. When it comes to the war against fraud, what organizations know (or think they know) is just the tip of the iceberg in terms of what’s really going on. what’s really going on. Here’s just one example. Did you know that a vast majority of fraud comes from real people using their own legitimate IDs? These “mules,” as they’re called in the industry, are set up by fraudsters who then season the customer accounts. The crime rings lie in wait until early fraud watch detections pass, then spring into action like sleeper cells. Making this issue even more elusive to track is the fact that these mules are most often misreported as credit defaults rather than fraud driven by organized crime.

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