Many organizations face an upward battle when detecting and preventing fraud.
Consumers continue to rapidly migrate to digital channels and while organizations are also moving towards digitizing products and services to increase profit, it all comes at a price. Where transactions occur, fraudsters follow, seeking out new vulnerabilities to exploit and make the most profit with the lowest risk.
Today’s fraudsters deploy complex, multi-vector attacks and continually develop new strategies to bypass controls and exploit vulnerabilities. A multi-layered approach that includes physical identity, digital identity intelligence and behavioral biometrics is one of the best defenses for mitigating the risk of fraud.
The upward trend in online and mobile activity underscores the need for a global dynamic fraud solution that can verify identity and transaction attributes in real time across the customer journey.
LexisNexis Risk Solutions predictions for the top 10 trends to watch in the Fraud and Identity space as they are most likely to impact fraud budgets, customer experience and your actions in the year ahead.
Check the infographic below to get more insights on each of these trends:
- Effects of accelerated digital transformation have pushed us forward in time by several years
- Increased automation
- Adoption of new digital payments and methods
- Increasing risk of payment fraud
- The growing prevalence of scams
- Ongoing challenge of balancing fraud and friction
- Rise of synthetic identities
- Escalating cost of fraud
- Growing need for multi-layered fraud assessment
- Heightened need for real-time risk assessment