Experian announced its 2024 Global Identity & Fraud Report that provides a view of the consumer and business response to the fraud patterns and fraud‑mitigation strategies in the financial services sector.
The research study offers meaningful insights from more businesses and fraud prevention professionals, as well as 4,000 consumers, focusing “on fraud management and the digital experience.”
Among its insights, the report casts a spotlight on factors driving the fraud landscape: the huge growth in Generative Artificial Intelligence (GenAI) technologies, changing government regulations, and the push among businesses to “provide consumers with secure and convenient digital experiences.”
In response, the report’s findings revealed that businesses intend to increase fraud budgets driven “by investments in AI and machine learning technologies.”
Greg Wright, Executive Vice President of Identity and Fraud at Experian.
“Unlike other issues facing financial services companies, fraud operates beyond geographical boundaries or regulatory frameworks, and fraudsters often attack different points across the consumer journey. This unfortunate reality compels businesses to leverage advanced analytics, alternative data insights, data sharing, and a multi-layered approach to combat evolving fraud threats globally.”
On the consumer side, report data indicates that striking the right balance between fraud protection and “a positive customer experience is critically important, due to the high percentage of global consumers who stated that they have moved their business elsewhere due to a poor account opening or slow transactional experience.”
These latest research findings underscore that businesses face the same challenge: authenticating customers requires “balancing security with a seamless customer experience to prevent them from abandoning an application or purchase process.”
The solution is to leverage analytics and orchestrate fraud-prevention routines for a 360‑degree view of customers, “mitigating fraud and offering a seamless customer experience.”
As covered, Experian is a data and tech firm, powering “opportunities for people and businesses.”
They help to redefine lending practices, uncover and prevent fraud, simplify healthcare, deliver digital marketing solutions, and “gain deeper insights into the automotive market, all using our unique combination of data, analytics and software.”
They assist people to realize their financial goals and “help them to save time and money.”
We operate across a range of markets, from financial services to “healthcare, automotive, agrifinance, insurance, and many more industry segments.”
They aim to invest in talented people and new advanced technologies “to unlock the power of data and innovate.”
As a FTSE 100 Index company listed on the London Stock Exchange (EXPN), we have a “team of 22,500 people across 32 countries.”
Their corporate headquarters are in Dublin, Ireland.