Experian addresses fraud and cybersecurity challenges as risks mount for banks, retailers and public sector

Published: October 13, 2014 by Matt Tatham

Experian hosting Future of Fraud and Identity event during National Cyber Security Awareness Month

Costa Mesa, Calif., Oct. 13, 2014 — Identity and fraud concerns are a pressing global issue for many industries, including financial services, public sector and retailers. With the rise in security and data breaches, many organizations across the United States are particularly challenged, due to the growth of malware viruses, mobile-payment advancements and the need to authenticate online and mobile consumers better.

To help business leaders address these rising fraud and identity issues, Experian® is hosting the Future of Fraud and Identity event on Oct. 21 in New York City, N.Y. The event will feature:

  • Ori Eisen, Experian fraud expert and founder of 41st Parameter, highlighting the current trends in cybersecurity and how technology can combat these major threats
  • Frank Abagnale, of Catch Me If You Can fame and respected authority on financial crime and fraud, sharing his personal story highlighting his work with numerous financial institutions over the past 38 years
  • Charles Chung, president of Experian Decision Analytics, a global leader in fraud and identity products, opening the event
  • Jon Jones, senior vice president of fraud and identity for Experian Decision Analytics, presenting Experian’s strategic view on identity risk management

Many organizations are trying to address fraud risks while adapting to the changing habits of customers. One example of this is the acceptance of new mobile-payment options that are driving a transformation of the payments ecosystem. Current mobile-fraud trends include the use of increasingly sophisticated malware as attackers capitalize on banks and retailers providing these new service offerings to consumers via mobile devices.

“Gaining control in this dynamic fraud environment is a major challenge for businesses as the Internet and mobile technologies were not designed with fraud in mind. Consumers accessing their financial or personal data at any time is a key fraud risk today, further enabling criminal activity,” said Eisen. “As companies invest to meet customer expectations and ensure that payments are secure and reliable, we see an urgent need for proactive next-generation security measures with fraud detection and intelligent device identification for corporate accounts and online transactions.”

In 2013, identity theft affected more than 13 million U.S. consumers and accounted for more than $18 billion in losses. As technologies evolve and information security tightens, the savvy nature of fraudsters becomes more sophisticated. As a result, fraud management needs to evolve and include both offline and online fraud strategies to provide a panoramic view of the customer. In order to achieve this, authentication processes need to become seamless and straightforward to allow both the consumer and the business to feel confident in the authentication process while creating a positive customer experience.

“Serious risks are emerging for consumers and businesses as fraudsters identify new targets to attack. The monetary cost of fraud losses can be high, but the impact a loss or breach can have on customer relationships and brand integrity can be even higher,” said Chung. “Combining comprehensive authentication processes with proportionate measures to monitor user activities and protect consumer data throughout the life cycle is a competitive requirement in today’s market.”

The Future of Fraud and Identity event will take place on Oct. 21 in New York City, from 7:30 a.m. to noon at the Helen Mills Event Space at 137 West 26th Street.

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