Fraud Prevention Solution Guide
Fraud Affects Companies Just Like Yours
Fraud has substantial impact on a business, no matter the size. Fallout from fraud costs businesses millions of dollars every year, negatively affects brand reputation, and instills mistrust in consumers’ minds.
Companies falling victim to at least one instance of fraud in 2017 increased to 84%, from 82% in 20161 — and those were only the business who actually reported the fraud instances. Increasingly sophisticated fraudsters are taking advantage of readily available PII from major data breaches, which means fraud shows no signs of slowing down.
Balancing Fraud Prevention and Frictionless Consumer Experiences
It seems like the only way to fortify your business against fraud is to make consumers jump through hoops to prove their identity. Lean too heavy on fraud security measures, and you’ll suffer increased operation costs and higher levels of abandonment. But ignoring fraud measures is not an option.
How do you keep out fraudsters while preventing the abandonment and poor customer experience associated with too much friction?
Identity Resolution: The Missing Link
Identity resolution means using a host of authoritative identity signals to quickly let through your legitimate customers, while spotting and stopping fraudsters in their tracks. The more accurately you can identify your consumers, the harder it is for the fraudster to spoof identities, which ultimately means both better decisions for your business and a frictionless consumer experience.
Fortunately, identity is Neustar’s enterprise heritage. We’ve grown up an identity company. We have Caller ID. We address the internet. We handle global DNS. We work with and are trusted by the top 10 leading banks and the top 10 leading card issuers in the U.S., not to mention the biggest brands across every industry.
How do we do it? Through the Neustar OneID system—the industry leading offline data depository, which is broken down, corroborated, and rebuilt every 15 minutes with updates from sources with direct billing relationships. Neustar OneID is powered by an always-on network of partners that provide constantly updated consumer attributes and device ID linkages, both online and offline.
Stop the fraudsters, improve the efficiency of your operations, protect your brand reputation, and keep your loyal customers feeling safe and happy. Neustar Risk Solutions ensure you know who is at the other end of each and every interaction.
1. 2017/18 Kroll Annual Global Fraud & Risk Report