Understanding Fraud Detection and Prevention: An Essential Guide to Fraud Awareness
More business than ever is done online. Although this rise in digital transactions might be convenient, it’s increasing fraud in a big way. A study conducted by Juniper Research found that the total amount lost by merchants worldwide due to online payment fraud is projected to surpass $343 billion between 2023 and 2027. It goes without saying that fraud awareness should be a top priority in your business. If it is not, you risk damaging your reputation and jeopardizing the trust of existing and potential customers. Fraud is an unfortunate reality for many businesses, but it can be managed through diligence and smart practices. Ultimately, awareness starts with knowledge. Keep reading to learn the most common fraud threats businesses face today and the significant impact they have. Fraud Awareness: Understanding Different Types of Fraud Fraud encompasses a wide range of illegal activities, affecting various aspects of our day-to-day lives. Financial Fraud Financial fraud is the ac...