Every Peso Lost to Fraud in Colombia Costs Firms $3.76 According to LexisNexis True Cost of Fraud Study

The study also reflects the evolution of criminal tactics. In LATAM, the stage of the customer journey with the highest fraud losses is new account creation, presenting the greatest challenge for both financial institutions (46%) and retailers (44%). Criminals are exploiting the growing popularity of digital banking and digital commerce by using stolen or synthetic identities to open fraudulent accounts. Fraud has increased for 65% of Colombian organizations year-on-year. In LATAM, digital channels account ...