Drive efficiency with greater onboarding intelligence
Succeeding in the digital space requires business to ensure their customer experience (CX) is easy to navigate and secure. This, however, is often easier said than done. Given sky high consumer expectations and surging fraud, businesses have their work cut out for them when it comes to creating efficient digital interactions.
A layered identity verification (IDV) platform powered by enhanced data sources allows businesses to build an advanced fraud protection strategy. Incorporating onboarding intelligence creates better decisioning around risk while managing friction.
New tactics by fraud brings a shift priority
Data from our recent Global Fraud Report: 9th Edition shows a need to curb the rising volume and cost of fraud. More than half (52%) of companies reported an overall increase in fraud across mobile, online and contact centers. The report also found that the percentage of high dollar value fraudulent transactions (those over $50k+) greatly increased in 2024 compared to the previous years.
Fortunately, there is a solution to fighting back against trending fraud. Businesses across a variety of industries point to IDV as a key tool, with 65% indicating that IDV can be a differentiator in not only preventing fraud but driving revenue.
Not all solutions are equal, and business must look for a holistic platform that can build trust through an intelligent fraud ecosystem. A truly advance IDV platform is one that includes a layered defense and combines artificial intelligence (AI), expert analysts and cross-industry network data.
Trust is the foundation of a purely digital environment
As more organizations embark on a digital transformation journey, trust is a key enabler. To function effectively, an emerging digital economy must include a reliable means to ensure that relationships and transactions are fully trusted. By offering the highest degree of trust and assurance, digital identity is poised to become the cornerstone of a highly digital landscape.
With three key strategies in mind, organizations can build a layered approach to identity verification that fosters trust in the digital space:
1. Leverage artificial intelligence (AI) / machine learning (ML) to verify identities at scale:AI based tools have seen massive adoption in recent months, with 6% of U.S. companies using AI in 2017 compared to about 55% last year. The tech brings an ability to quickly scrutinize vast volumes of digital data and uncover patterns of suspicious activity.
2. Create confidence with human supervision: While it’s a powerful tool, AI often lacks transparency in the decision-making process, leaving businesses exposed when they must explain why a decision was made. AI under human supervision allows institutions to balance automated decisions without sacrificing explainability.
3. Improve visibility into fraud through cross-industry collaboration: Real-time, cross-industry intelligence empowers organizations to stay ahead of shifting fraud tactics and improve decisioning accuracy.
A new approach to fraud takes better verification
Robust verification tech can help businesses establish and maintain trust while confirming a consumer is who they claim to be. Accomplishing both is increasingly difficult yet remains critical to conducting business in the digital realm. With the right tools in place, businesses can achieve a high degree of trust.
As the world becomes increasingly digital, institutions must master the complexities of digital transformation. Staying competitive means meeting consumer demand for efficient and secure digital experiences. A layered approach to identity verification empowers institutions to exceed consumer expectations by creating trusting and inclusive digital journeys while deterring fraud.
Download our Global Fraud Report: 9th Edition to learn more about customer experience and fraud prevention in the age of AI.