Total Economic Impact of Neustar Fraud and Authentication Solutions to Financial Services Firms
Protection and Cost Savings Calculated by Forrester Consulting
The shift to nonphysical commerce and finance has transformed the way financial services companies offer their products and manage customer relationships. Consumers can now shop and bank from almost anywhere via multiple digital devices. As a result, customers participate in fewer face-to-face banking interactions and instead rely on digital and over-the-phone transactions.
This transformation has spurred the proliferation of increasingly sophisticated fraud. Financial services companies are attractive targets and can lose millions of dollars to fraudulent activity. Losses due to identity theft increased over 40 percent from 2019 to 2020, according to Aite Group. Over 10 percent of consumers are likely to abandon ewsfinancial institutions where a checking account, credit card, or loan was opened in their name, even if they are satisfied with the corrective assistance provided.
Today, financial services companies must find ways to effectively separate customers from fraudsters. Financial institutions need more efficient, automated, and intelligent fraud management solutions to avoid revenue loss and improve customer experience.
Neustar fraud solutions help financial services companies more easily and accurately verify their customers’ identities for both digital and call-center transactions. To better understand the benefits, costs, and risks associated with these solutions, Neustar commissioned Forrester Consulting to interview seven customers and conduct a Total Economic Impact™ (TEI) study.
Read the study’s abstract, which focuses on the protection and savings Neustar fraud solutions deliver to financial services organizations.