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Fraud costing the UK economy £193bn a year
The annual cost of fraud in the UK could be as high as £193bn per year according to a new report. This dwarfs previous estimates produced by the UK Government which put the figure at around £50bn in 2013. The Annual Fraud Indicator 2016 has been overseen by the UK Fraud Costs Measurement Committee (UKFCMC), [...]
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Merchant fraud-to-sales losses up on 2014
Merchants are experiencing an increase in fraud, losing 1.32% of revenue to fraud on average compared to 0.68% in 2014, according to the annual LexisNexis True Cost of Fraud Study. International and m-commerce merchants were hardest hit with losses of 1.56 and 1.68% respectively. Merchants saw an average of 333 fraudulent transactions per month, up [...]
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