Tag: Identity & Fraud

How businesses can keep up with shifting consumer behaviors online while keeping fraud prevention top of mind. Download the latest Global ID & Fraud report.

Weaving passive authentication into customer micro journeys, we can strengthen security, decrease fraud and improve customer experience.

Did you miss these February business headlines? We’ve compiled the top global news stories that you need to stay in-the-know on the latest hot topics and insights from our experts. Experian launches new anti-fraud platform for digitally accelerated world Financial IT covers the latest on tools to help businesses safely meet the rapid increase in demand for digital services and online accounts. Eduardo Castro, Head of Identity & Fraud, speaks to gaining confidence in preventing fraud while meeting these new business challenges. Experian helps Atlas Credit double approval rates while reducing credit losses by up to 20 percent This Global FinTech Series article provides insights on efforts to make the power of artificial intelligence accessible for lenders of all sizes. Shri Santhanam, Executive Vice President and General Manager of Global Analytics and AI, shares background on constantly-changing economic conditions impacting credit models and how to rapidly develop and deploy models to keep up. 60 percent of consumers are using a universal mobile wallet New research shows a continuing trend toward digital transactions and mobile wallet payments. Steve Wagner, Global Managing Director of Decision Analytics, speaks to consumer and business insights on the increased demand and what businesses need to consider to ensure positive customer journeys that support these shifts. Why digital identity and the customer journey is crucial for today’s businesses Steve Pulley, Managing Director of Data Analytics, explores business opportunities stemming from the massive increase in consumers accessing services online. Taking the right steps not only helps ensure business survival but sustainable success. The key is fundamentals including the customer journey and digital identity. How modern data strategies underpin the digital identity and authentication practices critical to digital transformation In this Datanami article covering our progression toward a 'contactless world,' modern fraud prevention is explored. Dealing with a tremendous amount of data to offer security, while bearing in mind customer convenience, requires sophisticated technology. Holistic approaches both improve operations and helps keep pace with fraudsters to protect customers. Stay in the know with our latest insights:

Since the Pandemic began consumers have been scammed more than ever before. From phishing emails, fake websites, and other scams intended to steal personal and financial information, to fake pharmaceutical goods or goods that never arrived, to account takeovers, multiple ways to defraud people have emerged or re-emerged at an alarming rate. It's an understatement to say that now more than ever customers need to be protected and it's the right time for businesses to improve some of their capabilities and offer their clients the secure experience that they expect. The results from our recent  global research study of changing behaviors and priorities throughout the pandemic show us just how important online security has become for consumers: Half of the consumers surveyed say they are very/somewhat concerned about conducting activities online; with the concern being most significant in India (69%) 4-in-10 consumers express increased levels of concern about online activities since C-19. The level of concern about consumer online activities and transactions has increased significantly since C-19 in India (61%), Brazil (57%), Singapore (53%), and US (44%) – one-fifth of consumers in the US and Brazil say that their level of concern has increased significantly. 42% feel that they are more of a target for online fraud now than before COVID-19, while only 25% feel safer about sharing personal information now than they did before COVID19 The largest sources of concern among consumers are credit card information being stolen (36%), online privacy (34%), identity theft (33%), and phishing email (32%). Consumers in India, Singapore, the US, and Brazil show generally more concern. Consumers have become increasingly positive towards more security measures One positive tendency that's been observed due to the increased security concerns is that consumers have become more comfortable with security measures being added online in order to protect them better: 55% percent of consumers expect more security steps when they are online and 49% want to have more visible security measures in place while on websites 47% of all consumers are expecting business to place strong security measures that they cannot see with another 40% expecting integration of features that recognize them during online purchasing without requiring them to share their personal data In fact, US consumers have increasing expectations on strong invisible securities (increased from 50% to 59% from June 2020 to January 2021) as well as identity authentication without sharing personal data (increased from 33% to 40% from June 2020 to January 2021) Consumers are accepting of biometrics and businesses should consider using it  It is not a surprise that fraud prevention methodologies such as physical biometrics (which is visible) and behavioral biometrics (which is invisible) have become more popular with the public. Both can be added as an extra layer in order to improve the authentication process by increasing its trustworthiness and efficacy. What’s also vital is that none of the two is compromising the user experience too much when compared with other more traditional authentication methodologies such as passwords or knowledge-based authentication: 74% of consumers are feeling very secure while using physical biometrics with another 16% feeling somewhat secure 66% of consumers are feeling very secure when being protected by behavioral biometrics with another 24% feeling somewhat secure So, as over half of businesses (55%) expect to increase their fraud management budgets in the next 6 months, it's recommended that they take notice of these trends and act now. What's even more important is that companies that invest in advanced customer authentication methods benefit from improved customer opinion, which feels like a win-win scenario for both parties involved: When physical biometrics are used, 57% of global consumers indicate that this enhances (somewhat/very much) their opinion of the organization When behavioral biometrics are used, 53% of global consumers say that they have a better opinion (somewhat/very much) about the organization implementing them Related stories: Global Insights Report Wave 3 (February 2021)  Global Insights Report Wave 1 (June/July 2020) What your customers say about opening new accounts online during Covid-19

2021 global insights on digital consumer trends and business strategies for banking and shopping highlights the impact of the global pandemic

The future of digital identity and how it can be applied have been making waves across markets and driving many in the industry to wonder what has changed.

Get January headlines on the digital identity landscape, pandemic fatigue, protecting users and their experience, and the latest Covid-19 impacts.

Top December headlines include demand and expectations for digital, women leading AI and protecting against fraudsters over the holiday shopping season.

View the evolution of fraud from 2005 to 2020, including types of fraud and the most effective identity management and fraud prevention solutions

The artificial intelligence debate is still ongoing for some people and businesses, but these women in AI are helping ensure it brings the world real value

Hear from five industry experts to get their view on how AI is making the world a better place, and how its use in financial services can be realized.

With another resurgence of the coronavirus, the impact of Covid-19 will again be felt by businesses—but this time consumer expectations are much higher