Equifax fraud expert, Gasan Awad, was recently published in Dark Reading discussing how businesses can fight fraud while optimizing the customer experience. Fraud detection and prevention measures that act in the background without customers’ knowledge decreases the likelihood they’ll grow frustrated and the likelihood a
fraudster will succeed.
The more information a business knows about how fraudsters behave, the more likely they will be caught. Once companies have access to patterns in actual or attempted fraud, they can use analytics to make their anti-fraud practices more effective. Organizations can tweak their security measures to prevent similar fraud from happening in the future by simply investigating what additional information they could have required to detect fraud or having more insights into the fraudster’s suspicious activities, like accelerated spending or access from an atypical location.
Mr. Awad also discussed methods such as learning about the customer’s device or tracking biometrics. When someone attempts fraud from a particular phone, for example, the device can be flagged and the next time the account is accessed from the device, the system can require additional layers of authentication. One of those authentication methods might be asking for a voice recognition password or facial matching from a selfie photo.
All of these individual options work together like a puzzle to create a comprehensive fraud prevention solutions that can fight fraud and still offer an outstanding customer experience.
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