August 24, 2016
Report: Online Fraud Biggest Challenge for EMEA Companies Now and in the Future
July 23, 2015
Online fraud is the biggest challenge right now for companies based in Europe, the Middle East and Africa (EMEA), according to a report from Experian. Seventy-eight percent identified online fraud as the most challenging fraud problem they are facing right now. In five years, those polled don’t expect things to change much at the top of the list. Most (79 percent) still expect online fraud to be their biggest challenge. The share of executives that named account takeover as their biggest threat grew from 47 percent now to 71 percent in five years. More than half (51 percent) expect friendly fraud to be one of the biggest problems.
“Fraud is becoming more complex with the challenges of multi-channel customer engagement, increased regulations and cross-border activity,” said Charles Butterworth, managing director of Experian, EMEA. “Losses to fraud around the world currently amount to £2.91 trillion ($4.54 trillion) a year. The rapid rise in demand for online banking, combined with very little security on devices means there are huge opportunities for cyber criminals, leaving many people and businesses exposed and extremely vulnerable. The cost of fraud could increase significantly.”
Butterworth said efforts by companies to protect the customer experience hinder their ability to fight fraud, but the right investments in automation, system integration and authentication can make both goals attainable.