Home Business NewsBusiness Fraud professionals struggle to balance fraud prevention with wider business priorities

Fraud professionals struggle to balance fraud prevention with wider business priorities

by LLB Reporter
30th Jan 18 9:48 am

…but look to technology for the solution

Over half (62 per cent) of fraud managers are under pressure to increase transactions and customer sign-ups by reducing risk thresholds for ID verification, according to Callcredit Information Group’s research.

Unsurprisingly, the research found that 64 per cent of respondents feel it is difficult to balance the business need to onboard and service customers quickly with the need to go through identity verification processes. Worryingly, many expect this to be a long-term challenge. With less than half (45 per cent) of fraud professionals believing that in the future it will be possible to detect all fraud without any inconvenience to genuine customer experience. Yet, some fraud professionals plan to use technology to solve the problem.

The Fraud and Risk report 2017 – ‘Smarter future of fraud prevention’ which surveyed over 100 fraud professionals, also found that a majority (68 per cent) of respondents believe there is pressure on them to reduce fraudulent transactions by producing more effective verification measures.

John Cannon, Commercial Director – Fraud and ID, Callcredit Information Group, commented: “With fraud now one of the largest threats facing UK businesses, it’s not surprising that pressure is mounting on fraud professionals to protect their organisations against fraudsters. But our research suggests that many are struggling to balance the need to determine that customers are who they say they are with a good customer experience.”

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