Experian has launched the newest version of its fraud prevention platform to help businesses dealing with the rapid surge in demand for digital services and the growth of online accounts.
The company says that due to the digital acceleration instigated by Covid-19, online retailers, businesses, and their customers are at risk of the growing threat from fraudsters exploiting outdated and unsophisticated fraud prevention systems.
The size of the problem is significant. Experian estimates that 10 billion identity authentication checks are currently being made each day globally. Up to £31 billion* is set to be lost via online payment fraud in 2024 if rates continue at their current speed.
Specifically, Account Takeover fraud (ATO) – where a fraudster gains unauthorised access to a legitimate customer account – has increased by 34%**. It is likely to become an even bigger issue as people access more services online. Eduardo Castro, Head of Identity and Fraud, Experian UK&I, said “The digital acceleration brought about by the pandemic means businesses have had to react to new challenges in ways that were previously unimaginable.”
“With online businesses and retailers dealing with swathes of customers they’ve never interacted with face-to-face, it’s critical they are confident in who they are dealing with and identify suspicious activity not only at the point of log-in. “
“It’s no longer enough to rely on simple checks, such as email and passwords. Our combination of leading technology brings together everything a business needs to prevent it and their customers from becoming a victim of fraud in this rapidly-evolving space.”