COSTA MESA, Calif., July 18, 2016 /PRNewswire/ -- Experian has published its first annual global fraud report covering the convergence of growth strategies and fraud prevention. The report, Global Business Trends: Protecting Growth Ambitions Against Rising Fraud Threats, is designed as a guide for senior executives and fraud prevention professionals, offering new insights on how the alignment of strategies for business growth and fraud prevention can help a business grow revenues while managing risks in an increasingly virtual world.

http://photos.prnewswire.com/prnvar/20130131/LA51658LOGO

The report identifies five trends that businesses should assess and take action on to mitigate fraud and improve the customer experience in today's fast-paced, consumer-centric environment:




    1. Applying right-sized fraud solutions to reduce unnecessary customer
       disruption: It's time to move on from a one-size-fits-all approach that
       creates more customer friction than necessary. Instead, companies should
       apply fraud solutions that reflect the value and level of confidence
       needed for each transaction. This means right-sizing your fraud solutions
       to align with true fraud rates and commercial strategy.


    2. Having a universal view of the consumer is the core of modern fraud
       mitigation and marketing: Achieving a universal profile of consumer
       behavior -- beyond the traditional 360-degree view -- requires access to
       a combination of identity data, device intelligence, online behavior,
       biometrics, historical transactions and more, for consumer interactions
       not only with you, but across other businesses and industries as well.
       Companies that translate this knowledge and use it to identify consumers
       can distinguish a fraudster from a real customer more easily, building
       trust along the way.


    3. Expanding your view through a blended ecosystem: In addition to using
       your own first-party data sources, companies need to participate in a
       blended ecosystem, working across businesses and even industries.
       Fraudsters have access to more data than ever before, including data
       traditionally used to verify identities, and they use that data to create
       an entire digital profile. Therefore, you can no longer get to the
       digital interaction data you need by managing the process in a siloed
       manner. Achieving an expansive view of the universal consumer requires
       multiple data sources working together.


    4. Achieving agility and scale using service-based models: Today, more and
       more companies are choosing subscription-based systems rather than
       building in-house or implementing on-premise solutions. Continuous
       upgrades and the access to new risk logic that come with subscription
       models provide more agility and faster response to emerging threats, no
       matter how fast your volume grows or what products, channels or
       geographies you pursue.
    5. Future-proofing fraud solution choices: Companies need access to a wide
       variety of traditional and emerging technologies and information sources
       to fill in knowledge gaps and blind spots where fraudsters try to hide.
       The ability to modify strategies quickly and catch fraud faster while
       improving the customer experience is a critical aspect of fraud
       prevention moving forward.

Bringing together these key trends, the report provides business leaders with the insight they need to fight fraud using the same consumer-focused approach currently being used to attract new customers and grow revenue.

"There is a persistent mindset that fraud loss is just the cost of doing business," said Steve Platt, global EVP, Fraud and Identity, Experian. "But as fraudsters evolve, those losses are climbing, and the status quo is no longer effective or acceptable. We all need to be as forward-looking in fighting fraud as we are in business operations and marketing, and a real understanding of consumers is critical for success. We're talking about the convergence of business growth and fraud prevention, and we're pleased to provide the first report in the marketplace covering this topic."

Download the full report here. The report also features an interactive Fraud Prevention Benchmark tool that companies can use to explore how these trends impact their business and how the performance of their approach measures up against industry practices.

The report is relevant to functions spanning the enterprise, including C-suite executives such as chief marketing officers (CMOs), chief risk officers (CROs) and chief data officers (CDOs). The report focuses on business processes where fraud infiltrates, including new account opening, account access, money movement transactions, and emerging trends combating fraud, such as advanced fraud analytics. In each area, the report details how multiple business functions can apply responses to create business growth.

Steve Platt added: "We hear from our clients that they are most successful when CMOs along with CDOs and CROs all work together to understand the customer and develop fraud management solutions that create a better overall experience."

Experian was recently cited in Forrester's 2016 Vendor Landscape: Mobile Fraud Management Solutions(1 )report and listed as having nine out of a possible 10 capabilities needed to combat mobile fraud. Experian was also identified as one of three leading players in the fraud detection and prevention space in a new study from Juniper Research.(2 )Experian applied best practices to create a global report on providing fraud management solutions that allow companies to maximize profitability while providing secure, hassle-free customer interactions.

About Experian
We are the leading global information services company, providing data and analytical tools to our clients around the world. We help businesses to manage credit risk, prevent fraud, target marketing offers and automate decision making. We also help people to check their credit report and credit score and protect against identity theft. In 2015, we were named one of the "World's Most Innovative Companies" by Forbes magazine.

We employ approximately 17,000 people in 37 countries and our corporate headquarters are in Dublin, Ireland, with operational headquarters in Nottingham, UK; California, US; and São Paulo, Brazil.

Experian plc is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 index. Total revenue for the year ended March 31, 2016, was US$4.6 billion.

To find out more about our company, please visit http://www.experianplc.com or watch our documentary, "Inside Experian."

Experian and the Experian marks used herein are trademarks or registered trademarks of Experian Information Solutions, Inc. Other product and company names mentioned herein are the property of their respective owners.

(1)Vendor Landscape: Mobile Fraud Management Solutions, Forrester Research, Inc., June 2016.
(2)Online Payment Fraud: Key Vertical Strategies & Management 2016-2020, Juniper Research, June 2016.

Contacts:

Kristie Galvani
Rubenstein Public Relations
1 212 805 3005
kgalvani@rubensteinpr.com

Matt Tatham
Experian
1 917 446 7227
matt.tatham@experian.com

Logo - http://photos.prnewswire.com/prnh/20130131/LA51658LOGO

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/experian-publishes-five-global-business-trends-that-will-help-senior-executives-protect-their-growth-ambitions-against-rising-fraud-threats-300299639.html

SOURCE Experian