Equifax Fraud Services

Five Tips to Detect and Deter Fraud

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Five Tips to Detect and Deter Fraud During Customer Acquisition The Application Hustle Daniel Jean Assistant Vice President Identity & Fraud Product Development Vanessa Giuliani Fraud Solutions Consultant According to Javelin Strategy & Research, new-account fraud in the U.S. will soar 44% between 2014 and 2018, rising from $5 billion in annual losses to a projected $8 billion. Fraud is flourishing — and fraud management, risk management and marketing teams need all the help they can get to combat what is an elusive, expensive problem. Because fraudsters look for weak points, account opening poses an obvious target. The problem is universal and affects all industries. Finding a workable solution can be difficult because it requires balancing the competing priorities of optimizing the customer experience, minimizing operating expense, meeting regulatory requirements and mitigating loss. In today's market, one of these priorities — optimizing the customer experience — gets lots of airplay, and for good reason. As the economy has improved, companies in all industries have pushed for customer acquisition. But this wealth of potential customers has created an issue for fraud and security teams: More applications in the queue means an increased number of application challenges — questions and requests for additional verification, for example — which may create unnecessary friction with the prospective customer, compromising his or her experience and leading to lost sales and business. If you're sharing data with your peers, you're more likely to stop criminals before they get to you.

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