Fraud Prevention Online: Multi-level solutions to fight fraud, Experian's analysis

Fraud Prevention Online: Multi-level solutions to fight fraud, Experian's analysis

 

Fraud Prevention Online – Is being able to detect fraud & ultimately stopping scammers from scamming you. Learn all about Fraud Prevention Online, plus, know when you’re being scammed! Fraud Prevention Online is your one solution to tackle fraud online.

Multi-layered solutions are needed to combat fraud online. Analysis by Cristina Iacob, Commercial Strategy Director, South Europe Experian!

 

In times of uncertainty, reputation is important as companies around the world are looking for effective risk management strategies that can help mitigate risk, build resilience and maintain customer trust. Closures and social distancing measures have accelerated the need to operate, communicate and share information online significantly expanding the range of risks businesses face.

 

Fraud Report 2020

According to Experian's “Fraud Report 2020”, which collects the opinions of over 150 business decision-makers on strategies to counter threats and risks in the EMEA area? Almost half (42.6%) of respondents consider their fraud prevention online resources inadequate.

 

A comprehensive fraud assessment

With the emergence of new, diverse, and complex types of fraud, companies are adopting more data streams and tools to get a more complete picture of the threat landscape. They need a dynamic approach that not only offers more robust detection and prevention.

 

But it promotes agility and responsiveness to new or emerging threats. According to the survey, most business leaders (54.5%) attribute current mitigation challenges to increasing fraud prevention online since the start of the pandemic.

 

Today phishers are using AI and ML to target individuals by creating detailed profiles of compromised personal data. Businesses must find equally effective ways to analyze and counter threats for fraud prevention online.

 

Fraud detection

Around half of the respondents (49.1%) already recognize the importance of a holistic strategy when it comes to fraud detection and asset protection. In addition to AI and machine learning, the use of sophisticated tools and account monitoring can also make a difference when dealing with fraud prevention online. The ability to detect when an online session is taking place across multiple devices, coupled with analyzing log-ins and usual financial transactions to build a behavioural profile, can help organizations identify links across all channels. Even between unrelated activities and behaviours making fraud prevention online possible!

 

Fighting Fraud - Balance security and customer experience

To combat multi-layered fraud techniques, businesses need an appropriate combination of detection and defence protocols. Fraud Prevention Online - But it's always about finding the right balance between fortifying security measures and protecting the customer experience. There are several options for dealing with the former, including delaying transactions for up to 72 hours before completing a transfer.

 

Experian, solutions to fight fraud

To increase the chances of detecting and blocking any suspicious activity alternatively, you can limit transactions to a small number of known and protected channels, and conduct eligibility checks online - particularly after a lost, stolen, or exchanged credit card.

 

However, there is often an inverse correlation between these interventions and customer expectations in terms of customer experience. That's why it is essential to invest in seamless technologies not only to detect and offer fraud prevention online but also to optimize the customer journey.

 

Fighting Fraud - Shaping the future of fraud defence

Thanks to the increased reliance on digital channels, the pandemic has seen scammers test complex and diverse fraud techniques. In response, organizations must adopt more systematic and strategic approaches for ultimate fraud prevention online.