AUSTIN, Texas – A new Global Fraud Attack Index found that fraudulent attacks have skyrocketed 137% during the 12 months ending March 2016, Pymnts.com reports. Businesses typically spend hours in the aftermath of security breaches, making both fraud attempts and successes costly in terms of employee time and customer damages.

According to the Association of Certified Fraud Examiners, businesses lose more than $3.5 trillion each year to fraudsters. The Global Fraud Attack Index shows that cost is only increasing at a rapid clip as fraud is becoming more expensive, more frequent and more far-reaching in terms of accounts accessed.

“In terms of identity fraud, we’re certainly hearing about an increase in that space, and some of that is EMV-related,” said Ron Andrews, vice president and vertical leader for financial services at Convergys.

Andrews pointed out a growing trend in fraud is account takeovers. As of first quarter 2016, account takeovers were 4% of U.S. fraud activity, 2% of European, but more than 25% worldwide. “Account takeover is out there, and it’s real,” he said. “There’s a need for all companies … to protect themselves and protect the transaction and protect the customer information going back and forth.”

The cost of dealing with fraud attempts has also risen, according to the index. During the first quarter 2015, less than $2 out of every $100 was eroded due to a fraud attack. By first quarter 2016, that number jumped to more than $7 out of every $100.

Read more about protecting internal data in the September NACS Magazine cover story, “Safe & Sound.”