Five Trends for Modern Fraud Strategies

Headquartered in California, Experian proffers information, analytical tools and marketing services to businesses to help them in managing risk and reward for commercial and financial decisions.

- Steve Platt

The fraud landscape is always changing at a faster pace than ever before. But with to-day’s sophisticated solutions in hand you, can grab ahold of market opportunities and maintain your competitive edge. It’s a tall order, when you add business-as-usual efforts to the mix like growing revenue and protecting customers. But it’s achievable and it starts by keeping up with the latest trends in fraud mitigation – knowing what’s out there and how to bring them into your business.

Here are five trends to assess and take action-on to mitigate fraud:

1. Applying Right-Sized Fraud Solutions to Reduce Unnecessary Customer Disruption:

Have you ever been in the middle of completing an online transaction when you were unexpectedly challenged or prevented from moving forward? You aren’t the only one. The ratio of disrupted legitimate traffic to actual fraud attempts is now as high as 30:1. The reason this happens is because so many businesses are still using a one-size-fits-all approach to fraud detection, and it creates more customer friction than necessary.

Instead, right-sized fraud solutions that reflect the value and level of confidence needed for each transaction will help provide your customers with a hassle-free experience without sacrificing protection reducing that 30:1 ratio. Right-sizing your fraud solutions means aligning true fraud rates with your commercial strategy. You’ll catch more fraud without disrupting business.

2. Having a Universal View of the Consumer is the Core of Modern Fraud Mitigation & Marketing: