Fraud Protection and User Friction – Balancing Opposing Forces in the Online Experience

November 4, 2015 Sally Ewalt

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The phrase “frictionless customer experience” is getting a lot of play these days, as many more fraud prevention controls are applied to sensitive, online processes that consumers encounter – particularly regarding things like financial transactions, employment applications or personal information discovery. The controls, from complex passwords to extra verification or multi-phase authentication steps), tend to interrupt the flow of intent; tend to introduce time, annoyance and cost into the process.

This can drive the good customers away, causing user abandonment or dissatisfaction if the authentication process is too long and cumbersome to complete.  Consumer confidence in the banking industry for example, has been decreasing, due to the increasing time and complexity of fraud review challenges, of out-of-band authentication challenges (like extra questions or codes). How can an organization balance these competing priorities, i.e. mitigating fraud while controlling operational costs, improving customer experience and continuing to meet regulatory requirements?

A key and competitive differentiator of smart, online businesses is to achieve discreet, laser focus on the riskiest segment of the online population – which results in far fewer false positives and less labor (and expense) required to delay and manually review profiles.  Fraud prevention capabilities from Equifax can deliver this laser focus – through behind the scenes analysis of identity elements, user behavior, and device information.

Equifax solutions help organizations to quickly and consistently validate user identities and predict potentially fraudulent activity. By validating an identity in real-time with non-intrusive analysis and modeling, organizations can avoid unnecessary challenges, avoid customer friction and ultimately avoid losing business to the competition – while continuing to more cost-effectively combat and prevent identity fraud.

Equifax digital fraud prevention and mitigation solutions are explicitly designed for today’s online consumer or constituent engagement methods – enabling a balance between useful, engaging digital interaction, and the overall identity management and strong authentication framework – inclusive of device reputation – that’s necessary to support trusted relationships and transactions.  These nearly frictionless online identity validation and fraud risk assessment solutions  integrate seamlessly with both a website’s security infrastructure, and with the user experience design implemented across multiple devices.

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