In 2020, account origination and account takeover (ATO) fraud cost organizations and consumers over $9 billion. Nearly half of adults in the US experienced one of these forms of identity theft in the past two years. Each identity fraud event severely jeopardizes a customer relationship and the associated lifetime value.
With fraudsters continually probiing for weaknesses in authentication processes, those of low-quality not only waste operational resources and fail to prevent fraud, but also frustrate consumers with unnecessary friction and interrogation.
Forward-thinking organizations are improving fraud prevention, customer experience and operational efficiency via dynamic data elements. For example, the attributes specific to an individual mobile device – such as activity, tenure, or prepaid status – are stable and reliable. These attributes cannot be spoofed or hacked; they reliably give clues as to whether consumers are who they say they are. Dynamic device data, when used in combination with online and offline data, significantly increases fraud prevention and the ability to let legitimate customers through faster.
Download this whitepaper to learn what works to fight fraud – and what doesn’t.