30
January
2018
|
00:00
Europe/Amsterdam

Fraud professionals struggle to balance fraud prevention with wider business priorities – but look to technology for the solution

Over half (62%) of fraud managers are under pressure to increase transactions and customer sign-ups by reducing risk thresholds for ID verification, according to Callcredit Information Group’s research.

Unsurprisingly, the research found that 64% of respondents feel it is difficult to balance the business need to onboard and service customers quickly with the need to go through identity verification processes. Worryingly, many expect this to be a long-term challenge. With less than half (45%) of fraud professionals believing that in the future it will be possible to detect all fraud without any inconvenience to genuine customer experience. Yet, some fraud professionals plan to use technology to solve the problem.

The Fraud and Risk report 2017 - ‘Smarter future of fraud prevention’ which surveyed over 100 fraud professionals, also found that a majority (68%) of respondents believe there is pressure on them to reduce fraudulent transactions by producing more effective verification measures.

John Cannon, Commercial Director – Fraud and ID, Callcredit Information Group, commented: “With fraud now one of the largest threats facing UK businesses, it’s not surprising that pressure is mounting on fraud professionals to protect their organisations against fraudsters. But our research suggests that many are struggling to balance the need to determine that customers are who they say they are with a good customer experience.”

Encouragingly, more future-gazing fraud professionals believe they could solve this problem through the use of smarter, more predictive technology. In fact, the majority (76%) of respondents we surveyed said that implementing fraud prevention technology is a key priority for them.

Cannon continued: “Fraud professionals should utilise technology which allows them to verify an individual’s identity whilst also offering a seamless customer experience. Today, solutions exist which help businesses confirm that customers are associated with the telephone number or email addresses they provide by using details that are often already available as part of the customer application. Thereby delivering the fast and seamless online experience consumers expect without compromising their security.”

To find out more of the report findings download your copy free today. 2017 Fraud and Risk report - ‘Smarter future of fraud prevention’

Research Methodology 106 Fraud Prevention Managers and Directors working in companies with over 100 employees completed an online survey in August 2017. The research was conducted by London-based research agency, Loudhouse.