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.
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.