These costs that companies bear not only include financial losses due to fraud, but also encompass internal labour expenses, external costs, legal costs and recovery fees, coupled with the expenses associated with replacing lost or stolen merchandise.
Asia-Pacific (APAC) businesses risk incurring an average cost of $3.95 for every Singapore dollar lost to fraud, according to the 2023 LexisNexis true cost of fraud study by LexisNexis Risk Solutions. Financial institutions incur a cost of $4.59 for every dollar lost while retailers lose about $3.07.
The annual study, based on a commissioned survey facilitated by Forrester Consulting, found that 58% of APAC organisations have reported an increase in fraud year-on-year (y-o-y).
