Global fraud and risk-management firm Experian yesterday published a report identifying five strategic considerations it said senior executives and fraud prevention professionals must address in the current fraud environment—one in which, the company said, actual fraud losses now exceed expected losses and the complexity of fraud prevention has negatively impacted the customer experience. In Global Business Trends: Protecting Growth Ambitions against Rising Fraud Threats , Experian explores applying the solution that’s right for your company, the importance of a universal view of the customer, participating in a blended ecosystem, using service-based models and implementing a future-proof fraud solution.
“There is a persistent mindset that fraud loss is just the cost of doing business,” said Steve Platt, global executive vice president of Fraud and Identity for Experian. “But as fraudsters evolve, those losses are climbing, and the status quo is no longer effective or acceptable. We all need to be as forward-looking in fighting fraud as we are in business operations and marketing, and a real understanding of consumers is critical for success. We’re talking about the convergence of business growth and fraud prevention.”