The Speed of Fraud

June 27, 2016 by Traci Krepper

Is the speed of fraud threatening your business?

speed of fraudLike many other fraud and compliance teams, your teams may be struggling to keep up with new business dynamics.

The following trends are changing the way consumers do business with you:

  • 35 percent year-over-year growth in mobile commerce
  • More than $27 billion forecasted value of mobile payment transactions in 2016
  • 45 percent of smartphone owners using a mobile device to make a purchase every month
  • More than 1 billion mobile phone owners will use their devices for banking purposes by the end of 2015

In an attempt to stay ahead of fraud, systems have become more complex, more expensive and even more difficult to manage, leading to more friction for your customers.

How extensive is this impact?

  • 30 percent of online customers are interrupted to catch one fraudulent attempt
  • One in 10 new applicants may be an imposter using breached data
  • $40 billion of legitimate customer sales are declined annually because of tight rules, processes, etc.

This rapid growth only reinforces the need for aggressive fraud prevention strategies and adoption of new technologies to prepare for the latest emerging cybersecurity threats. Businesses must continue their efforts to protect all parties’ interests. Fraudsters have what they need to be flexible and quick. So why shouldn’t businesses?

Introducing CrossCore™, the first smart plug-and-play platform for fraud and identity services.

CrossCore uses a single access point to integrate technology from different providers to address different dangers. When all your fraud and identity solutions work together through a single application program interface, you reduce friction and false positives — meaning more growth for your business.

View our recent infographic on global fraud trends