The detection of fraud is a key concern for companies around the world, particularly for consumer banking and credit card companies.
78 per cent of retail banking and cards companies are most concerned about fraud, leading industry sectors like consumer tech (75 per cent), digital-only companies (70 per cent), telecommunication firms (63 per cent) and airlines (57 per cent).
Across the Asia Pacific, 59 per cent of financial services companies will focus their investments in building fraud detection capabilities, far exceeding the second top investment priority of multi-factor authentication (22 per cent), according to a study by Experian, said a statement issued by Media OutReach.
These are the findings of two reports from leading information services company Experian. The Global Fraud and Identity Report was developed by Experian following interviews with more than 5,500 consumers and 500 business executives in 11 markets around the world, and the APAC-focused Fraud Management Insights 2017 was authored by Experian and leading ICT market research and advisory firm IDC. Covering ten markets across APAC, the Fraud Management Insights 2017 report surveyed 3,200 consumers and over 80 organisations from the Financial Services, Telecommunications (Telcos) and Retail sectors (collectively referred to as Service Providers), each with revenues of at least US$10m. 38 financial services companies from Australia, China, Hong Kong, India, Indonesia, Japan, New Zealand, Singapore, Thailand and Vietnam participated in the study.
"Financial services companies are focusing on the real-time detection of fraud because they are at the frontline of attacks, and they realised that it is no longer enough to mitigate incidents only after it happens," said Mohan Jayaraman, Regional Managing Director, Decision Analytics & Business Information, Experian Asia Pacific. "Across the board, companies are seeing the scale and variety of fraud growing into 2018 and with customers expecting seamless and fast digital transactions, they require proactive measures to balance security and customer experience."
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