According to our Global Fraud and Identity Report, 63% of businesses have seen the same or higher levels of fraud in the last 12 months, with a significant rise in the cost of fraud caused by online threats. At the same time the research shows that less than a third of businesses can manage the complexity of fraud we see today – particularly cross-channel fraud management and are suffering from increasing false-positives.
In spite of growing fraud losses, however, many organisations continue to invest more in customer experience (CX) initiatives rather than in fraud prevention, seeing some incidences of fraud as simply a cost of doing business.
In this paper, we challenge the assumption that effective fraud prevention has to negatively impact service for your customers. In our view, today’s advanced data analytics techniques and platforms make it possible to deliver and even enhance the customer experience, while also protecting your business from fraud.
This is what we at Experian call: frictionless fraud prevention.
Why download the whitepaper?
Defining the ‘happy path’ – what does frictionless fraud look like?
Identifying the sources of friction in your customer journey is the first step towards making things better. Put simply, frictionless fraud measures protect your organisation and your customers, while also allowing them to interact with you quickly, easily, on their terms, and through their preferred channels.
To minimise friction in your customer journeys, you need to fully understand evolving fraud trends, gaps in current fraud approaches, shifting customer expectations, and available technologies that can help to automate required identity and authentication checks. In this paper we talk about a ‘happy path’ and tips to build a frictionless fraud prevention strategy.
About the Authors
Nick Mothershaw – Director of Fraud & Identity Solutions, Experian
Nick is responsible for the strategic development of Experian’s fraud and identity solutions for both the public and
Nick has been with Experian for over 15 years. Previously Nick was a director of a company providing global solutions within the broader Criminal Justice arena. Here he architected the Scottish Intelligence Database: the only cross force intelligence sharing and matching solution in the UK. He also exported best of breed UK crime management systems to Australia and the US.
Micah Willbrand – Product Director, Identity, Fraud and Payments, Experian
Micah joined Experian in May 2018 from Nice Actemize where he has been General Manager for their global anti-corruption business lines and prior to this was Global Director of Risk at Accuity and Lexis Nexis. Micah enjoys
working with organisations to identify effective practice to mitigate identity theft, fraud and other financial crime risks. He has also worked within the Experian UK&I team from 2008- 2010 to help establish the fraud and identity
business as the Head of Identity Verification.