Industry analysis shows the cost of card fraud reaches $50.3 billion
The cost of fraud to the card industry has increased by over 25% since 2017 ($40.1bn). This cost is reflective of the combined fraud losses, the operational costs of dedicated call centers, and the costs associated with legitimate transactions that have been incorrectly blocked (false positives).
Using current live customer data to present genuine results in optimized performance, Featurespace estimates that global financial services companies could save at least $18.2 billion annually in card fraud by employing advanced adaptive, machine learning fraud prevention software.
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