How cross-industry intelligence can detect fraud and drive growth
Fraud is a global problem affecting businesses in all industries, regardless of size or location. More than half of the companies in our Global Fraud Report: 9th Edition experienced a general rise in fraud across diverse channels such as mobile, online, contact centers and in-person interactions. The report went on to find an escalation in the percentage of high-value fraudulent transactions ($50k+) in 2024, compared to previous surveys.
Digital fraud doesn’t recognize national borders, stop with a single business or remain within a single industry. Delivering a fast and convenient customer experience while protecting against cross-industry fraud is no small task. With fraudsters jumping from industry to industry with stolen data, fighting fraud has become a group effort.
Proven results to stop fraud at onboarding
The true challenge for businesses is being able to rapidly identify and stop the bad, smoothly onboard the good and provide an added layer of security during high-risk transactions.
An industry leading retail client of ours implemented our Trust solution that bolsters KYC checks and leverages a cross-industry network of over 650 brands across 28 sectors and identified over 6,000 high-risk attributes within their customer base. The end result showed that the client prevented fraud to the tune of roughly $1.89 million
With greater onboarding intelligence powered by our Trust solution, the retail client could assess legitimacy in real-time and detect crossover fraud by matching unique attributes against those already seen across the network. The retailer was able to escalate to further identity checks for the right consumer at the right time, close the gap on hard-to-identify individuals, reduce abandonment rates and keep more consumers in the pipeline for onboarding.
Why cross-industry onboarding intelligence is critical
Eighty-one percent of companies think cross-sector intelligence and collaboration can be a strategic differentiator in beating fraud. With cross-industry intelligence, businesses gain visibility into fraud patterns seen across a vast network and multiple industries, helping them stay informed on fraud trends and empowered to take a proactive approach to fighting fraud.
A cross-industry network is a unique data network that merges millions of consumer identity data characteristics from hundreds of worldwide businesses in various industries. These identity characteristics come from activities and transactions occurring throughout the network. The data characteristics are grouped into several categories:
- Person (such as name and date of birth)
- Address (house/apt. name or number, street, town, postcode and country)
- Device (mobile or telephone number, email and IP address)
- Document (national ID number, passport or driving license number)
- Bank (account number and sort code)
Data networks serve as a modern digital referral system, providing a platform for sharing intelligence across businesses and industries. Utilizing cross-industry intelligence amplifies real-time fraud intelligence between companies in the network anonymously, giving businesses insight into fraud threats trending in other industries. Companies can use this cross-industry data to make informed identity decisions faster. Shared intelligence can also create a safer environment and online experience, helping build customer trust and relationships based on confidence.
Finding the right identity verification provider
Delivering a fast and convenient customer experience while detecting crossover fraud is no small task. An identity verification solution that tracks repeat instances, anomalies and combinations of data across an extensive network will provide insight into evolving fraud trends that can be used to fast-track legitimate customers, reduce risk and increase revenue.
A comprehensive solution will provide the control, accuracy and transparency needed to fight fraud while optimizing the customer experience.
To learn more about how identity verification powered by deeper intelligence can help your business fight fraud, download GBG IDology’s Global Fraud Report: 9th Edition.