A new report from online fraud prevention solution Ravelin has found that 59% of fraud professionals at enterprise companies polled reported a rise in online payment fraud in the last year. The report, entitled Global Fraud Trends 2023 also found that over half of professionals reported account takeovers were also on the rise.
The report of 1,900 global fraud professionals was commissioned by Ravelin and carried out by Qualtrics. It covers a number of topics including how to effectively build and maintain fraud teams, online fraud prevention tools, policy abuse, and more.
Significant data points include:
- 25% of companies expect to significantly increase (+20%) the size of their fraud teams over the next year
- Just 58% of US based fraud professionals believe their colleagues find them ‘very effective’ at fighting fraud
- 75%+ of US based companies still rely only, or mostly, on in-house fraud prevention tools
In addition, it discussed the role of fraud prevention teams in fighting disputes, and found that companies in the US challenge nearly 44% of chargebacks. This is an extremely shocking statistic, as it shows the extreme nature of the chargeback fraud problem.
To read the full report, go to Ravelin.com