Equifax fraud expert, Gasan Awad, was recently published in Fraud Magazine discussing how to help prevent fraud in the new world of chip cards and the EMV liability shift. In particular, Mr. Awad, described best practices for balancing the newer fraud risks with a good customer experience during online application and shopping.
To avoid consumers abandoning their “shopping carts” and ending their purchases, companies don’t always implement all the available preventive measures, which can lead to increased fraud costs down the road. Balancing fraud detection rates with acceptable false positives to ensure optimal customer experiences is paramount for industry practitioners.
Preventative measures include passive fraud detection that helps identify potential fraud through checking on the device, user behavior analytics, or user biometric. All of these options are available through comprehensive fraud prevention tools.