At Experian’s 2014 Vision conference (#vision2014), Ori Eisen and Matt Ehrlich presented current trends and practices for taking on the growing industrialization of fraud. Together with a risk executive from a leading bank, the team discussed several themes and emerging tactics, including: the cost of single channel fraud prevention strategies, the necessity of a layered security strategy that includes device and identity intelligence, and true real time, point of contact risk-scoring.
Data breaches have become all too common and one of the most concerning issues around breaches is that many consumers’ digital identities are based on a single email address or username/password. With stolen identity data in hand, criminals can submit fraudulent mortgages, credit card applications, even create fake credit cards, in the names of thousands of unsuspecting victims. Regardless of how the data is used, one thing is certain: breaches pose serious dangers to consumers, retailers and financial institutions.
The need for customer-friendly fraud management is stronger than ever. A single layer of protection is simply ineffective as criminals are more efficient in obtaining consumer identification details and compromising simple access credentials. While mobile technologies and the Internet have enabled consumers to have anytime access to their financial data, these advances actually enable criminals to perpetrate fraud. Eisen and Ehrlich discussed how customer-friendly technologies and policies continue to outpace controls and risk management.
Vision 2014: Know Your Enemy – a financial institution’s best practices for preventing the latest fraud attacks
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See related content on this topic: 6 Key Predictions on How Data Breach Concerns Will Evolve in 2014