ATLANTA — There’s no doubt that COVID-19 has changed the way we do business. Unfortunately, that change has enabled an increase in fraud for merchants and individuals. A recent study produced by LexisNexis Risk Solutions showed that in the U.S. and Canada, fraud costs companies $3.36 for every dollar lost to fraud, compared to $3.13 in 2019 and $2.40 in 2016. The company says the industry is on track for even higher numbers come the end of 2020 and 2021, so it’s crucial that companies quickly ramp up their solutions to support all channels, especially digital ones.
LexisNexis Risk Solutions put together the video above featuring Kimberly Sutherland, vice president of fraud and identity at LexisNexis Risk Solutions and other key executives. The video is a recap from the company’s 2020 Digital Identity Summit Series, and it showcases how COVID-19 has shifted the conversations around fraud (and also includes some commonly asked questions.