ALPHARETTA, Ga.— As part of the CU Daily’s DailyCast series, additional insights and intelligence are being shared about a report that found that for every dollar lost in fraud, it actually costs financial institutions $5.
As the CU Daily reported here, that report, from LexisNexis Risk Solutions and titled True Cost of Fraud Study 2025,found 44% of North American financial institutions primarily rely on manual processes, “hesitating to fully embrace automation and AI to combat fraud.”
“The LexisNexis Fraud Multiplier shows fraud’s growing impact on operations, compliance, reputation and customer trust,” the company said in releasing its findings. “Since 2021, it has increased across all financial services segments in North America, now averaging more than $5 for every $1 lost to fraud, up 25% from $4 only four years ago.”In a 12-minute interview, Maanas Godugunur, senior director of fraud and identity with LexisNexis Risk Solutions, takes a deeper dive into the what the findings reveal in this 12-minute interview here.
