Latest statistics show a marked shift in the level of third-party fraud– where a victim’s identity has been stolen. This trend has developed over the past year and fraud related to stolen identities now accounts for more than half (52%) of all detected fraud cases.*
In order to combat losses to fraudsters who are using stolen identities, organisations are forced to consider extra security steps. From more complex password requirements to biometrics, there are many ways to make the customer journey more secure and lock out online criminals.
For most solutions there is one major drawback – they all require people to provide more information, or go through additional steps to register and sign into their accounts. These added steps can damage the customer experience and if the balance between security and service is not maintained people will simply go elsewhere to get what they want.
In some instances it is possible to replace existing security measures with newer and more robust methods – security becomes different rather than additional. While this reduces the steps a customer needs to take at login, people will still have to register new information (for example a fingerprint or retina scan or a voice sample) and change can be for the better but it also takes getting used to.
What if a robust layer of security could be added to customer registration and account login that is transparent and does not involve the collection of personal data?
By analysing the credentials, setup and usage patterns of the devices your customers use to access their accounts you will gain valuable insight. Understanding your customers’ mobile phones, tablets and PC’s and the way in which they are used will help you to spot your legitimate customers and speed them through a fast and friction-free sign-up. This can all be managed without demanding additional information, asking customers to complete more security procedures, or taking up more of their time.
For more information regarding the fraud statistics quoted please click here.
For more information on the role of device intelligence in authenticating your customers please click here
* Based on Q4 2013 to Q4 2014 Experian fraud data. Experian works closely with National Hunter, the UK’s leading fraud prevention system, operated by Experian on behalf of members. It enables financial institutions to cross-match applications against more than 100 million previous application records in order to spot commonalities and anomalies that are potentially indicative of fraud for further investigation.