Unveiling the Hidden Truth: The True Cost of Fraud in Saudi Arabia

Unveiling the Hidden Truth: The True Cost of Fraud in Saudi Arabia

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)?

Understanding the Landscape:

Discover the startling reality behind fraud in Saudi Arabia. The LexisNexis® True Cost of Fraud™ Study reveals that over half of surveyed respondents reported a significant surge in fraud over the past year. Shockingly, 52% of fraudulent activities originate from digital channels, showcasing the vulnerability of modern digital environments.

Key Insights from the Infographic:

  • Magnitude of Fraudulent Losses:
  • Saudi Arabia's financial services and retail sectors, costs businesses an astounding 4.56x and 3.10x its original value, respectively, compared to the actual value lost.

  • Major Contributors to Fraud Losses:
  • Explore how stolen and synthetic identities have become primary drivers behind fraudulent activities.

  • Main Types of Online Fraud:
  • Learn about the different types of online fraud affecting financial services and retail sectors, from fake reviews and ratings to collusion fraud.

Empowering Organizations Against Fraud:

Our infographic highlights the problems; while the True Cost of Fraud Study provides you with key recommendations to equip your organization with:

  • Strategies to balance fraud prevention efforts with seamless customer experience.
  • Solutions to fragmented identity and transaction verification challenges.
  • Understanding of specific fraud prevention challenges faced by organizations in EMEA, including Saudi Arabia.

Take Action Now to Safeguard Your Organization:

The impact of fraud extends far beyond financial losses, organizations also face increased labor costs and negative impact on customer relationships. With 71% of respondents across EMEA noting a detrimental effect on customer experience, it's crucial to stay ahead of constantly evolving threats.

Download our LexisNexis® True Cost of Fraud™ - Saudi Arabia Infographic and take the first step towards safeguarding your organization against emerging threats.

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