If communications and utilities providers don’t manage fraud effectively, prevention efforts can result in false positives, damage customer relationships and even cost legitimate sales. At the same time, customer tolerance for friction is lessening amid their expectations of fast, pleasant and personalized experiences. To illustrate how big of an issue this is, consider that:
- One in every three transactions declined because of suspected fraud are actually false positives, according to Aite-Novarica
- False positives cost organizations 70 times more than actual fraud losses, according to Aite-Novarica
- Two-thirds of consumers would switch brands for a better digital experience, according to the TransUnion Global Digital Fraud Trends Report
- Nearly 50% of consumers hold online brands responsible for guarding against online fraud and identity theft, according to Juniper
Learn more about how data and identity authentication helps detect fraud and makes digital interactions easy, quick and convenient for consumers.
