The Hidden Costs of Fraud: Beyond Financial Losses

In an insightful conversation, Jason Lane Sellers, Director of Fraud and Identity at LexisNexis Risk Solutions, discusses the growing challenges of digital fraud in financial and retail e-commerce sectors with Tony from Cover Magazine. Highlighting findings from their latest report, Jason explains how digitization has increased fraud incidents, with 52% now originating from digital channels. He emphasizes the broader costs of fraud beyond financial losses, including customer dissatisfaction and regulatory penalties. Jason also touches on the evolving nature of fraud, particularly in the insurance industry, and suggests advanced solutions like behavioral intelligence to balance security and customer experience.