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Poland Fights Against Rising Fraud: Experts Weigh In on Prevention Methods
As digital services continue to grow in popularity across Europe, the Middle East, and Africa (EMEA), cybercriminals are finding new opportunities to exploit both consumers and businesses. According to a recent study by LexisNexis Risk Solutions, more than half of respondents reported an increase in fraud over the last 12 months, with 52% of fraud originating from digital channels.
The True Cost of Fraud in Poland
Financial services and retail/e-commerce are particularly vulnerable to fraud in Poland. A staggering 5.10 times the actual value lost is spent on accounting for fines, fees, and effort spent on investigating fraudulent transactions. This figure jumps to 3.29 times for retailers and e-commerce businesses.
Fraudulent Activities on the Rise
Polish organizations are facing a range of challenges in preventing fraud. The most common types of online fraud include:
- Card testing fraud
- QR code payment fraud
- Scams
- Crypto fraud
- Synthetic identity fraud
Synthetic Identity Fraud: A Growing Concern
Criminals are capitalizing on the popularity of digital banking and commerce to use stolen or synthetic identities to open new accounts. Nearly half of all losses can be traced back to fraudulent new-account creation.
Top Fraud Prevention Challenges in Poland
Polish organizations face several challenges in preventing fraud, including:
- Difficulty understanding and quantifying the value versus cost of fraud prevention solutions
- Inability to manage and prevent fraud for new transaction methods
- Regulatory/compliance issues concerns
- Difficulty understanding what solutions are needed
Effective Fraud Prevention Methods
To combat these challenges, Polish organizations can consider implementing the following strategies:
- Automated transaction scoring
- Geolocation verification
- Browser/malware tracking
- Check-verification services
- Biometric authentication
By leveraging these methods and staying up-to-date with constantly evolving trends and threats, businesses in Poland can protect themselves against rising fraud and ensure a seamless customer experience.
The Study
This study was conducted by Forrester Consulting on behalf of LexisNexis Risk Solutions, involving 1,845 senior decision-makers across EMEA. The findings provide valuable insights into the current state of fraud prevention in Poland and offer practical recommendations for organizations looking to mitigate their risk.