Walking the Tightrope: Striking the Balance Between Fraud Prevention and UX
Application fraud and account takeover are rapidly rising in the U.S. and many FIs financial institutions are scrambling to deploy mitigating controls. At the same time, the rising bar of customer expectations is pressuring FIs them to remove friction and increase functionality to create seamless digital experiences for their customers.
PRESENTER(S): Julie Conroy, Research Director, Aite Group Ken Allen, SVP of Identity and Fraud, Equifax
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In 2016, card-not-present fraud rose 40%, account takeovers climbed 31%, new account fraud increased 20%, and theft involving cell phone account takeovers doubled. 1
With such alarming statistics, financial institutions are justifiably concerned about mitigating fraud risk. At the same time, customer experience is king as businesses look to more profitably grow their business. These two forces converge to leave many executives asking “How can I support a frictionless customer experience while stopping fraud at the door?” Enter Equifax.
Protect the integrity of your business and your reputation against fraud, and let Equifax help you approve more applicants while delivering a frictionless customer experience.
Successfully identify and acquire new customers without friction, while minimizing the risk of fraud
Protect the integrity of your business and your reputation against fraud and better manage regulatory compliance
Reduce acquisition and operational costs through ID verification and potential fraud recognition
Reduce friction and improve the customer experience through risk-based authentication
From account acquisition to management, our end-to-end fraud solutions proactively position you with winning strategies to verify and authenticate identities and detect and mitigate fraud—and stop fraud at the door.
To learn how Equifax leverages unique, differentiated data and powerful insights to help you say yes to more applicants, contact us today. Or read more about our fraud solutions here.
1 Identity theft hit an all-time high in 2016, USA Today, Feb. 6, 2017 (Javelin data cited)