Today’s tough economic climate is driving a surge in first party fraud for many organisations, whilst identify theft, the sophistication of fraudsters and cybercrime are also all on the increase. To make matters worse, preventing fraud is becoming more complex, with the challenges of multi-channel customer engagement, increased regulations and cross-border activity.
This increased complexity is creating unacceptable losses, escalating costs and unhappy customers that together are impacting all areas of the business. To meet these challenges, organisations need a strategic response to tackle fraud throughout the business. And they need it now.
Experian’s fraud experts recommend a continuous cycle of fraud prevention, detection, investigation and improvement, so you can balance risk and revenue while enhancing the customer experience and delivering maximum return on investment.
Experian’s fraud consultants work with organisations to develop a strategic response to fraud, helping to:
Defending against first and third party fraud without compromising the customer experience is an ongoing challenge. Whilst the online channel represents a great opportunity to efficiently open new accounts, it also creates rich opportunities for fraud. The anonymity of the Internet makes it difficult to know with certainty who is actually conducting each transaction, and relying on application and identity data alone isn’t enough
Protecting commercial and consumer accounts from takeover threats is a growing challenge for organisations, at a time when technology is fueling the evolution of the cyber landscape. The increase in data breaches around the world has led to large amounts of personal data being readily available, driving the growing trend in identity theft. Account takeover provides a bigger payoff for fraudsters, especially when they target loyal, high-value customers.
The growth in digital channels is changing the way you do business, and more changes will come with continued growth in mobile, cross-border commerce and the evolution of payments. With Card Not Present fraud accounting for 60 percent of all card losses in EMEA, organisations face the ongoing challenge of approving genuine customers and blocking fraudulent transactions. While a convenient and preferred channel for customers, the anonymity of the Internet makes it more difficult than ever to Know Your Customer, and existing approaches to fraud prevention result in a poor customer experience.