57% of Large Firms Report Bot or Agent Incidents or Losses

High-tech fraud is hitting a breaking point, and it directly threatens your checkout conversion rates. A new report shows that 57% of large firms have suffered losses or incidents due to automated bots or agents. For a retailer or service provider, this creates a dangerous double-edged sword. If your identity verification is too loose, you suffer from fraudulent financing applications. If it is too strict, you lose legitimate sales to 'false declines.' As customers increasingly use digital assistants and automated tools to shop, your financing platform must be able to distinguish between a helpful bot and a malicious one. The stakes are high: 82% of enterprises report that automated agents have already accessed their systems. This isn't just an IT problem; it is a customer experience problem. When a customer tries to apply for a line of credit or a BNPL plan, any friction caused by outdated security can drive them to a competitor. Operators need to audit their financing workflows to ensure they are using 'Know Your Agent' (KYA) protocols. This ensures that when a transaction is requested, your system knows exactly who—or what—is authorized to spend the money.

Source: PYMNTS

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