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Fraud losses climbed to $56 billion in 2020 and identity fraud scams accounted for a staggering $43 billion of that cost, according to a new report.
The reduction in transaction activity in 2020, combined with financial institutions’ more robust antifraud measures, made it harder for criminals to succeed in their ‘traditional’ fraud activities, according to Javelin Strategy & Research, which provides insights for financial institutions, government, payments companies, merchants, fintechs and technology providers.
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