We’ve all seen the big headlines about the monetary damage of fraud. Retailers will lose $71B to card-not-present fraud in the next five years. Account takeover losses reached $5.1 billion in 2017. Still, individual businesses sometimes struggle to identify their top fraud and abuse KPIs, and develop frameworks for measuring them.
Investing time to figure out how fraud and abuse affects your bottom line is worth it. Putting a price on the cost of fraud can help teams understand the health of the business, measure success, get buy-in for resources, and gauge the effectiveness of fraud tools.
But there are some types of fraud and abuse costs that are easier to measure than others. While chargebacks are an easy measure of one aspect of payment fraud, are you also measuring the effect of false positives? How can you calculate the damage done by spammy user-generated content to your site? And what about quantifying the effects of an account takeover attack?
We’ve put together a handy worksheet to help you get started quantifying the cost of all types of fraud and abuse. Check it out!