Summary
This report presents findings from Ravelin’s Fraud & Payments Survey 2024, focusing on the effects of fraud on companies in the UK. It outlines the significant increase in various types of fraud, including payment fraud, chargebacks, and refund abuse, with UK merchants reporting higher instances compared to their global counterparts. The survey indicates that 82% of UK companies experienced an increase in fraud over the past year, affecting key metrics such as growth, revenue, and customer loyalty. The report details the financial impact of fraud, with many companies facing substantial losses. Additionally, it highlights the proactive measures taken by UK merchants against fraud, including the use of advanced technologies such as machine learning and two-factor authentication. The findings suggest a growing concern among merchants regarding the future of fraud, particularly with the potential influence of artificial intelligence. Overall, the report emphasizes the urgent need for enhanced fraud prevention strategies among UK businesses.
