Customers are interacting with your business in ways they have never done before. They’re using multiple channels, different devices and becoming more varied as technology continues to evolve. Whether they are interacting in person, by phone, online or through a mobile app, they expect immediate, convenient and safe access. Identity-proofing solutions that cause inconvenience and hinder the process are frustrating — and damaging.
Unfortunately you cannot solely focus on meeting or exceeding your customers’ expectations. Fraudsters are also interacting with your business in ways they have never done before too. They have stepped up their game, testing vulnerabilities of identity verification solutions, capitalizing on market disruptions and causing damage to your bottom line.
Omnichannel businesses are challenged with consistently delivering excellent service to good customers while managing fraud risks across multiple channels.
Fraudsters are increasingly inventive. Limited or single-point identity verification and authentication solutions that were previously effective can quickly become obsolete, offering little to no protection. Businesses find themselves plugging holes as they find them, but they’re constantly playing catch-up.
In the LexisNexis® Risk Solutions 2019 True Cost of FraudTM Study: Financial Services Edition, we discovered some alarming trends:
With the huge surge in fraud attempts and successful attacks, no business can afford to ignore their fraud risk.
Verifying a customer’s identity is the number one fraud challenge organizations face2. This is centered around a few main areas of concern:
Companies are looking for customer verification services that can help them grow safely while managing the rising threat and cost of fraud. You need a way to fortify omnichannel customer interaction through identity and authentication services while simultaneously delivering a positive customer experience.
Customers are on multiple channels and devices throughout their day. They flow from one to another, expecting a seamless, consistent experience across all channels.
Fraudsters use the omnichannel trend to their advantage. They obtain breached data, contact a call center to finesse additional information and then use the combined facts to open an account or create fraud through a digital channel. Your identity verification services must be able to distinguish a legitimate customer identity from a fraudster’s no matter which channel they choose to use.
Faster, more efficient identity verification services are a necessity. Organizations must deploy robust security that is cost-effective and has the least negative impact on the customer experience. After all, fraud and identity management isn’t only about your bottom line. It’s about developing long-term, high-quality relationships with your customers. But no single identity verification solution can combat all types of fraud, which is why a multi-layered, risk-based fraud defense strategy offers the best protection and is the future of identity management authentication.
LexisNexis® Risk Solutions offers world-class identification and authentication solutions. Modular and adaptive, our solutions can be customized to meet your business’s specific identity management needs and workflow. Contact us to learn more about our solutions that can help solve your identity verification and authentication challenges.
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