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Across the globe, fraud risks continue to grow and businesses continue to invest more to combat potential threats. According to Experian’s 2019 Global Fraud and Identity Report, which was published this past January, more than half of businesses across the world have increased their fraud management budget in the past twelve months. I recently had the opportunity to discuss this very topic with Forbes.com.
In the article I raised the issue of whether businesses are investing in the right places. Our research shows that businesses may sometimes be investing in the wrong capabilities or point solutions that are materially less effective than if they were to take a layered approach to fraud detection. To provide consumers with both security and convenient online experiences, companies must have a complete understanding by looking at the problem holistically. By layering multiple approaches such as digital risk assessments leveraging device intelligence, behavioural biometrics together with more traditional measures – businesses can focus their resources where it matters most – providing a safe yet convenient online environment for their customers.
The Forbes article also looked at the issue of trust. The anonymous nature of digital interactions makes creating trusted and meaningful relationships with digital consumers difficult. Unlike face-to-face interactions where people rely on visual cues, and relationships developed over time, businesses must find other ways to quickly recognize their customers online and deliver personalized experiences. At Experian, we believe trust is extremely important. In fact, the report found that nearly eighty percent of consumers say the more transparent a business is about the use of their information, the greater trust they have in that business. And fifty-six percent of businesses plan to invest more in transparency-inspired programs such as educating consumers, communicating terms more concisely and helping consumers be in control of their data.
There is no doubt about it, businesses who want to continue to thrive and lead in the digital economy will find ways to offer their customers both security and convenience whilst building trust with their audience. Learn more the state of fraud and how trust plays a role by downloading our 2019 report: Consumer trust: Building meaningful relationships online.
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