LibraryblogCounting the Costs: The Impact of Online Fraud on Businesses Exposed

Counting the Costs: The Impact of Online Fraud on Businesses Exposed

Bad actors have a devastating impact on businesses in the digital world, resulting in significant financial harm and a decreased level of customer trust. However, help is at hand to enable businesses to minimize risk.

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Fin Murphy
July 26, 2023
Fraud Prevention

Over many years, bad actors have relentlessly targeted businesses operating online, leaving them susceptible to cyber-attacks, data breaches, and other malicious activities, resulting in legal repercussions, financial losses, and reputational damage.

A common type of online fraud is identity fraud, where bad actors use stolen or fake identities to illegitimately access communities, take over existing accounts, and obtain goods and services, like credit cards and loans. It's not only businesses at risk; genuine customers face the prospect of financial harm and having their personal information leaked.

Discover recent research from businesses which outlines the effects of online fraud today.

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To find out more about how Veriff’s fraud prevention solutions can help you address the threat to your business from bad actors, visit our Fraud Education Center.

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