Protect Your Business: Understanding the True Cost of Fraud in the UAE
In an era of digital transformation, are you aware of the relentless efforts of fraudsters exploiting vulnerabilities across Europe, the Middle East, and Africa (EMEA)?
The UAE at Risk:
The recent LexisNexis® True Cost of Fraud™ Study reveals that half of respondents across the EMEA region reported a surge in fraud over the past year, with a staggering 52% originating from digital channels.
The impact is unmistakable, especially in the UAE. From financial services to retail, fraudulent activities like mobile transaction fraud and account takeovers trouble businesses, resulting in significant losses. The largest contributors to fraud losses are stolen and synthetic identities, with new account creation accounting for 46% of total losses. Moreover, various types of online fraud, including fraudulent chargebacks, fake reviews & ratings, and promotional fraud, continue to challenge organizations which illustrate the dire need for robust prevention strategies.
Stay Ahead of Fraud and Act Now:
The impact of fraud extends far beyond financial losses; organizations also face increased labor costs and a negative impact on customer relationships. With 71% of respondents across EMEA noting a detrimental effect on customer conversion rates, it's crucial to stay ahead of constantly evolving threats.
Download our LexisNexis® True Cost of Fraud™ - UAE Infographic and take the first step towards safeguarding your organization against emerging threats.
