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Fraud trends and patterns continue to grow across the globe, report says

Friday 26 January 2018 00:06 CET | News

An Experian report has revealed that six out of every 10 businesses are experiencing the same or more fraudulent losses online compared with a year ago, with 72% citing fraud as a growing concern.

The research also shows that businesses need to better identify their customers to help combat web fraud. Businesses tend to demonstrate suspicion when it comes to preventing fraud, following a route of detection rather than permission or trust: 71% know that they deny more transactions than they should.

Business leaders agree that if they were more precise in identifying customers and avoiding denial of real transactions, they would see an increase in revenue. In fact, 84% of businesses say the need for fraud risk mitigation could be reduced if they were certain about customers identity

Additional findings from the annual fraud report:

• 35% of consumers would transact more online if there were fewer security hurdles;
• Only 40% of businesses are very confident in their ability to detect fraud;
• 52% of businesses are still using passwords for fraud detection and protection.

To develop The Global Fraud and Identity Report, Experian interviewed more than 5,500 consumers and 500 business executives in 11 markets around the world.


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Keywords: web fraud, Experian, report, fraud detection
Categories: Securing Transactions | Digital Identity, Security & Online Fraud
Securing Transactions | Digital Identity, Security & Online Fraud
Countries: World
This article is part of category

Securing Transactions

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Securing Transactions