Vertical Markets

ID verify survey

by Mark Rowe

A good half (62pc) of fraud managers are under pressure to increase transactions and customer sign-ups by reducing risk thresholds for ID verification, according to a credit checking agency.
Callcredit Information Group found that 64pc 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. And many expect this to be a long-term challenge. With less than half (45pc) 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 a majority (68pc) of respondents believe there is pressure on them to reduce fraudulent transactions by producing more effective verification measures.

Comment

John Cannon, Commercial Director – Fraud and ID, Callcredit Information Group, said: “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.”

Some counter-fraud people believe they could solve this problem through the use of smarter, more predictive technology. In fact, the majority (76pc) of respondents said implementing fraud prevention technology is a key priority.

Cannon added: “Fraud professionals should utilise technology which allows them to verify an individual’s identity whilst also offering a seamless customer experience. Today, solutions exist which help businesses confirm that customers are associated with the telephone number or email addresses they provide by using details that are often already available as part of the customer application. Thereby delivering the fast and seamless online experience consumers expect without compromising their security.”

For a download of the firm’s 2017 Fraud and Risk report – ‘Smarter future of fraud prevention’ visit https://www.callcredit.co.uk/contact-us/fraud-and-risk-report-2017.

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