The Spanish retail sector lost 15 billion euros due to payment fraud in 2023, according to Adyen

35% of Spanish companies were victims of fraudulent activities, cyberattacks or data leaks.

The Spanish retail sector lost 15 billion euros due to payment fraud in 2023, according to Adyen

35% of Spanish companies were victims of fraudulent activities, cyberattacks or data leaks

MADRID, 8 Abr. (EUROPA PRESS) -

The Spanish retail sector lost 15,000 million euros due to fraud in 2023, according to a new report by Adyen, which also shows that the retail sector lost 429,000 million dollars (395,899 million euros) globally due to fraudulent attacks in 2023.

Specifically, Spanish companies lost an average of 1.3 million euros due to fraud and, in total, 35% of Spanish companies were victims of fraudulent activities, cyber attacks or data leaks in the last 12 months, which has increased by 30% when compared to the 2022 figures, as revealed in the preview of the 'Adyen Index: Retail Report 2024' study published this Monday.

This new study, carried out in collaboration with the Center for Economic Business and Research (CEBR), also reveals that companies that expected to increase their revenue by 100% or more in 2024, suffered losses from fraudulent attacks in the last 12 months of up to 4,870 million euros.

From Adyen they warn that "rapid growth must be faced with the appropriate technologies to protect the business and customers", while warning that this fraudulent activity is also affecting the economy of buyers, since more than a third, the 35% of global consumers were victims of payment fraud last year, compared to 23% in 2022.

In this context, Spanish victims of fraud - the theft of credit or debit card numbers and current account details, among other issues - lost an average of 670 euros in their payments during 2023, an increase 234% since the last survey.

However, despite the "significant" increase in fraudulent activity, Adyen says that only two-thirds of companies in Spain (65%) said they have effective fraud prevention systems, 5% more than in 2022.

For their part, 21% of Spanish consumers feel "more insecure" when purchasing today than 10 years ago due to the increased risk of payment fraud.

As a result, 28% of consumers actively choose to shop in stores with greater security measures, and when shopping online, 21% of Spanish consumers like stores to ask them to verify their identity in at least two different ways. before making a purchase, despite the inconvenience this may cause.

In addition, companies are actively studying how to respond to the growing threat of fraud to protect themselves and their customers, in fact, 41% have considered changing their payment service provider to another that offers better defense mechanisms against fraud. fraudulent attacks.

"There is no one-size-fits-all solution for fraud defense, as a strategy will need to be tailored based on the business model and platforms used to make sales. With technology like machine learning tools, retailers should be able to recognize unique customers and detect fraudulent activity through their sales channels," says Adyen Chief Commercial Officer (CCO), Roelant Prins.

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