For Experian, anti-fraud investments are a priority for companies, especially those focused on financial services and telecommunications. A figure that reflects the concerns expressed by consumers. In fact, according to recent research conducted by Forrester Consulting for Experian, 63% THEMES fraud when interacting online, while 39% have been the victim of a data breach.
A positive customer experience
To stay ahead of the increasingly sophisticated tactics employed by fraudsters, almost half of the companies surveyed (49%) are increasing spending aimed at countering fraud. Some of the most widely used online scams include device emulation, credential stuffing, and remote access trojans.
Anti-fraud investments
However, companies struggle to balance one strategy fraud prevention strategy with a positive customer experience. Indeed, over the last year, 58% of consumers declare that they have abandoned a loan application due to excessive controls, too much information to provide and excessive length of the process.
Anti-fraud investment business priority
To address these challenges and meet rising consumer expectations, companies are exploring how to make the link between identity and fraud services more robust. And this with the aim of guaranteeing a linear customer journey without unnecessary difficulties. By implementing dynamic and intelligent workflows, adaptable to each customer and their risk appetite and by better connecting orchestration services, it is possible to reduce the difficulty associated with managing different types of fraud prevention software. A solution cited by 41% of respondents as the main factor preventing them from successfully addressing the associated costs and risks.
How to use the data
To fit these changes market and support fraud risk decisions, 44% of organizations surveyed are leveraging multiple technologies. Such as artificial intelligence (AI) and machine learning (ML), which help companies make detection more accurate. Furthermore, through the intelligent use of data, they offer better prevention without interfering with the customer journey.
Focus sul machine learning
Francesca Boncompagni, Head of Customer Solution, Italy, France, Balkans & Turkey
In the digital world, consumer expectations for convenience and simplicity are on the rise, as are levels of fraud. Machine learning allows companies to reduce losses due to fraud while improving the customer experience. So this technology is the focus of our attention, so much so that we recently launched a cutting-edge anti-fraud ML solution called Aidrian.
Anti-fraud investments are now a priority for companies
For Experian’s 2022 Business and Consumer Insight report they were interviewed 587 business executives and more than 3,000 consumers in the EMEA markets of Denmark, Germany, Italy, the Netherlands, South Africa and Spain. The report addresses a number of topics, including how telecom and financial services firms are scaling up investments in technology solutions, such as AI and ML. Techniques developed to improve performance, ensure security and offer a convenient and highly personalized customer experience.