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The Next Stage of Fraud Prevention: Balancing Risk and Customer Experience

The Next Stage of Fraud Prevention: Balancing Risk and Customer Experience

Financial institutions conduct more business than ever online, and now encounter an increasing risk of fraudulent transactions throughout the customer lifecycle. The challenge? Balance the need to maintain low fraud rates and cut operational costs with the need to preserve the customer experience. Join Equifax and iovation as they explore the online fraud risks and challenges facing financial institutions, including:

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  • How online and mobile banking increase the risk of fraud;
  • Why unnecessary challenges to good customers can result in lost business;
  • How new risk-based authentication systems work together with device reputation analysis to deliver comprehensive risk assessment without compromising the customer experience or increasing fraud.

Background

Financial institutions continue to combat fraud losses due to issues such as account acquisition and card fraud, account takeover fraud, chargebacks and more. Regulatory requirements such as those set forth by the FFIEC further complicate the picture. To combat these losses and operating requirements, more transactions are referred to fraud analysts or other risk professionals for review, and customers are validated through additional challenges. These practices cause delays that frustrate good customers, reduce operational efficiency and increase the overall costs associated with fraud reviews.

Employing a multi-layer approach that combines risk-based authentication and device reputation for online fraud prevention can provide an effective means of combating these issues. By verifying personal identity and assessing device risk, financial institutions can detect possible fraud much more accurately in advance of a customer challenge, stopping bad actors in their tracks. Through process automation and system integration, a comprehensive strategy to fight fraud can also be achieved at much lower cost without sacrificing the customer experience.

Among topics to be discussed in this session:

  • The pressure to review more transactions for possible fraud stems from an increase in the type and numbers of fraud against financial institutions.
  • An increasing number of challenges to good customers are compromising the quality of online services.
  • Regulatory pressures also influence the need for fraud prevention tools.
  • Through a multi-layer fraud prevention strategy, financial institutions can:
    • Reduce fraud losses
    • Enhance operational efficiency
    • Maintain/improve the customer experience

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