Tag: Identity & Fraud

As the lines between authentic and synthetic blur more than ever before, we explore four fraud trends likely to be influenced the most by GEN AI technology in 2024 and what businesses can do to prevent them.

Authorised Push Payment fraud is growing, and as regulators begin to take action around the world to try to tackle it, we look at what financial institutions need to focus on now.

We take a look at five transformative use cases in lending, and organisational priorities for integrating Gen AI into customer lifecycle processes.

We asked lenders how much Gen AI plays a role in their credit customer lifecycle processes and what Gen AI adoption looks like for them

Fraud prevention is a critical concern for businesses today. To help combat this ever-present threat, the consortium approach has emerged as a powerful tool in the fight against fraud. By pooling resources, expertise, and creating visibility, consortium members can be more effective in detecting and preventing fraudulent activities.

Liminal, a leading market intelligence firm recently recognized Experian as a market leader for compliance and fraud prevention capabilities and execution in its Liminal Link Index on Account Opening in Financial Services.

As economic uncertainty continues to loom, the threat of fraud continues to grow and is becoming more sophisticated. It’s only going to get worse. Due to intensifying inflationary pressures, prices and costs have been increasing which has led to financial hardship impacting individuals and businesses. This provides an opportunity and motive for bad actors to figure out new ways to commit fraud. Federal Trade Commission data shows that consumers reported losing nearly $8.8 billion to fraud in 2022, an increase of more than 30 percent over the previous year. PwC’s Global Economic Crime and Fraud Survey 2022 shows 51% of surveyed organisations say they experienced fraud in the past two years, the highest level in their 20 years of research. Additional investments in fraud prevention technology are a priority for businesses to combat these evolving threats, according to Experian's Sept. 2022 Global Insights report, which states that 94% of businesses report it as the top priority. Since fraud is becoming more sophisticated, part of the challenge that businesses face is to constantly evaluate multiple solutions so that they can continuously improve their fraud detection and prevention capabilities. Investments that can deliver the highest ROI are the solutions that are integrated and orchestrated in a comprehensive fraud reduction intelligence platform. This gives businesses the flexibility to manage evolving strategies and mitigate threats with real-time decisioning. Experian’s CrossCore is an integrated digital identity and fraud risk platform. It offers global solutions to help protect businesses from fraud and maintain compliance with regulatory requirements, using real-time risk analytics and decision-making strategies. The platform aggregates various fraud and identity verification sources to consolidate risk and trust decisions for Experian clients throughout the consumer journey.   Experian’s CrossCore has been recognized as an Overall Leader, Innovation Leader, Product Leader, and Market Leader in KuppingerCole’s Fraud Reduction Intelligence Platform Leadership Compass 2023. This recognition highlights Experian's comprehensive approach to combating fraud. It validates that CrossCore offers best-in-class capabilities by augmenting Experian’s industry-leading identity and fraud offerings with a highly curated ecosystem of partners which enables further optionality for our clients based on their specific needs.  Read the report CrossCore's Capabilities

Our recent research revealed that fraud has been of high concern for consumers over the past year, so how can businesses build consumer trust.

As consumers move online to access products and services their expectations for digital experience have increased, but what does positive mean for them?

We’ve compiled the top global business headlines that you need to stay in-the-know on the latest hot topics and insights from our experts.

For Christmas shoppers, the security of their online transactions will be top of mind. Here are the business best practices for better security in 2022.

Why businesses are using identity graphs as a useful tactic to help detect and prevent fraud as the fraud landscape continues to evolve.