£11.3bn Lost To Payment Fraud

Tuesday, 9th April 2024 at 6:09pm

According to the Independent website, a recent report shows that the UK retail sector lost £11.3 billion to payments fraud in 2023.

Retail businesses lost an average of £1,394,518 each to fraudulent activity, with luxury fashion retailers losing an average of £2.8 million.

A spokesperson for the report said that criminals are deploying more sophisticated methods when they attack businesses, including the application of AI, which highlights the need for companies to invest in the right defence mechanisms to protect them and their customers.

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