Sep 2018 | Fraud Prevention | Fraud

What does frictionless fraud look like?

How can you enhance fraud detection and prevention, while delivering great customer experiences based on fast, simple identity and authentication checks?

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.

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.