Staying a step ahead of financial crime

29 October 2018

Josh Gunnell, our head of fraud & ID pre-sales, looks at the strides in technology that are enabling organisations to help stay a step ahead of financial crime, and avoid being the weakest link.

Data is fundamental in supporting decision-making. At TransUnion (formerly Callcredit) we believe that also extends to our key measures when it comes to financial crime: establishing trust and pinpointing risk. However, the data landscape has changed, and so must fraud strategy.

We, as consumers, continue to embrace technology; it is the enabler of our digital marketplace, so there are clearly a number of benefits available to those organisations that utilise digital channels, where the ease of transactions, marketing opportunities and improved efficiencies are key competitive metrics.

As friction is removed through automation, and customer touchpoints are streamlined, operational overheads are reduced whilst simultaneously driving a better customer experience. What may previously have taken days now only takes a matter of minutes, or even seconds.

All this is good news for the customer journey, but of course as that becomes
more seamless, it gives fraudsters other areas to focus on and try to exploit. The online marketplace is a truly global one, and transactions lose the safety net of interpersonal exchanges – they become faceless which makes it more challenging for businesses to know who they are dealing with. Consumers’ own devices are generating more and more data automatically, silently creating networks and associations across digital identities. So, as people become even more connected, this proliferation of data means we are seeing a paradigm shift in the nature and types of fraud being committed.

Read full story on page 15 of Connect, from Synectics Solutions.