Lack of Data Among the Biggest Issues when Combatting Fraud over the Next Five Years, which could be impacting the effectiveness of fraud prevention in EMEA
More than two thirds of organisations across Europe, the Middle East and Africa have cited the availability of data as a key barrier to managing fraud. Availability of data that could play a vital role in combatting fraud over the next five years is poor, according to 69 per cent of telecoms and financial services providers in EMEA. While 10 per cent have said it is adequate.
Only 21 per cent of organisations have rated the availability of data to manage fraud over the next five years as excellent. Crucially, only 59 per cent have admitted that the data they have is usable. When it comes to the quality of the data that is available, Experian’s report found a more positive picture. Almost two in five (39 per cent) believe the quality is excellent and nearly one in two (48 per cent) say it is adequate. However, 57 per cent feel that the tools using this data to help them make their decisions are less than optimal. Furthermore, fraud integration across internal systems ranks as the top challenge for organisations in the next five years, as recognised by 78 per cent.
This is according to Experian’s Decisioning Vision 2020 (DV2020) EMEA report, which analysed the responses of 255 key decision makers from 195 telecoms and financial services organisations in eight regions across EMEA.
Source: Experian
