Security News > 2021 > April > As online fraud rises, 72% of retail brands expect to grow fraud teams

Retailers around the world are increasing their fraud teams and budgets because of a significant rise in all types of online fraud during the pandemic, a research by Ravelin finds.

72% of retail brands around the world expect to grow fraud teams in the next year, while 76% predict their budget to tackle fraud will increase in the next 12 months - with 20% expecting a "Significant" increase.

Focus on fraud detection driven by surges in online payment fraud.

Almost 40% of fashion and FMCG retailers see online payment fraud as their biggest fraud risk, while refund abuse, where consumers wrongly claim they never received a product they ordered online, has increased for half of retailers.

These findings are part of a retail report, which draws on the opinions and experiences of 1,000 fraud and payments professionals working in large online retail businesses all over the world.

"Trying to detect fraud manually under these conditions is a difficult and expensive undertaking. Technology that can be built specifically to your needs can help detect fraud in the moment, and help retailers to mitigate the effects of fraud significantly - helping to protect profit margins at a time they're needed most."

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