Fraud trends to watch
Our recent 2021 Global Identity and Fraud Report, based on input from 9,000 consumers and 2,700 business executives worldwide, revealed notable changes in consumer preferences and the focus of businesses throughout the pandemic.
With more people than ever buying and transacting online, fraud prevention has become increasingly critical and it’s vital that businesses embed it smoothly within their customer journeys. If businesses want to continue to meet customer expectations while upholding security standards in the digital marketplace, they need to redouble their efforts in fraud detection and prevention.
Customer journeys need to be designed with the right security checks built in. Otherwise, as digitisation accelerates and customer onboarding and acquisition strategies bring new lending on board, fraud-related losses will continue to rise. The consequence will be a deterioration in trust from customers and, while short-term acquisition goals may be realised, long-term losses will be the ultimate consequence.
Our research highlights some key focus areas for businesses in the year ahead:
Last year businesses moved fast to meet the growing demand for digital transactions. According to our research, businesses are looking to technology to help make the customer journey a more fluid and positive digital customer experience.
The top investment priorities for the year ahead for Australian businesses include:
- Investing in advanced analytics and artificial intelligence (53%)
- Investing in fraud detection software and methods (52%)
- Increasing internal staff / support for digital operations (30%)
57% of Australian businesses said they expect to increase their fraud management budget.
Customer authentication and fraud management
Our research found that business attitudes towards fraud detection and prevention have remained constant since before the pandemic. Security questions (28%) and security measures on customers’ devices (26%) are the most common fraud detection and protection solutions Australian businesses said they were using.
However, consumers are increasingly ready for invisible means of security, with more willing to have businesses manage their security and privacy without their overt involvement.
How we can help your business prevent fraud
At Experian, we have a proven track record in delivering solutions to protect businesses and their customers. We can help you build trusted relationships with legitimate customers at every touchpoint, with solutions that address risk and provide safeguards at every stage of the customer journey across industries.
Fraud Share New Zealand combines national secure data sharing with world-class fraud detection and investigation software to provide comprehensive fraud protection. Fraud Share provides the platform and a single point of reference upon which participating organisations can collectively build an in-depth view of fraud to enhance fraud detection and prevention. Find out more here.
Whether you’re looking for fraud prevention, online identity checks or a host of other solutions to keep fraudsters at bay, we’re here to help. To get in touch with us, please complete the form below.