UK, 4 February 2021: Experian today launches 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.
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online retailers, businesses, and their customers are at risk of the growing threat from fraudsters exploiting outdated and unsophisticated fraud prevention systems.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.
To counter the threat and meet the demands of this new world, Experian has upgraded and enhanced its CrossCore platform. Incorporating the latest machine learning analytics capability, behavioural biometrics and device recognition technology, the single API solution gives businesses a multi-faceted approach to monitoring and reviewing suspicious activity.
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."
Experian's CrossCore includes the following capabilities:
For more information about Experian Identity and Fraud services, including CrossCore and Account Takeover fraud, go to www.experian.co.uk/business/identity-fraud/fraud-management/account-takeover
*Juniper Digital Identity Report 2020 - 2025
**Cifas Fraudscape 2020 report. There were nearly 32,000 cases of facility takeover recorded in 2019, a 34% increase compared to 2018 (23,791).
Robert Goodman, PR Manager, Corporate & Business, UK&I, Experian
Tel: +44 7583 085 796 / Email: Robert.Goodman@Experian.com
Experian is the world's leading global information services company. During life's big moments – from buying a home or a car, to sending a child to college, to growing a business by connecting with new customers – we empower consumers and our clients to manage their data with confidence. We help individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organisations to prevent identity fraud and crime.
We have 17,800 people operating across 45 countries and every day we're investing in new technologies, talented people and innovation to help all our clients maximise every opportunity. We are listed on the London Stock Exchange (EXPN) and are a constituent of the FTSE 100 Index.