Fraud, biometrics and the fear factor

High profile data breaches have alerted us all to the increased risk we’re at from fraud. With criminals accessing the personal information of millions of people the search for new and clever ways to tackle fraudsters is a priority.

There are many advances in technology that can offer businesses and individuals the protection they need, but in some cases it would seem that we’re reluctant to adopt unfamiliar methods when it comes to proving who we are.

We recently carried out some research into people’s attitudes to various methods of identity checking. While 39% said that the risk of fraud was a concern when making a payment by smartphone, only 27% of people were prepared to use any form of biometric method to establish their identity for such transactions. This fell to just 19% of people who would be happy to use voice biometrics to make financial transactions*.

For the providers of financial services this is a double-edged sword, on the one hand they need to deploy the best fraud protection possible, on the other they don’t want to risk losing customers who are not happy with the methods they choose.

Biometrics are set to play an important role in the fight against fraud, but where people are reluctant to use them robust protection that does not impact the customer is the best way forward. “Invisible’ methods such as device intelligence will help you to understand that the people you are dealing with are who they say they are, crucially without customers having to supply more  information or take additional action.

Please click here to find out more about fraud protection through device intelligence.

*Opinium Research carried out on behalf of Experian an online survey of 2,004 UK adults aged 18+ from 19th to 22nd August 2014. Results have been weighted to nationally representative criteria