Preventing Fraud & Reducing Friction: Top Drivers for Fraud Execs
As we survey executives, we ask this question time and time again: “What are the key business case drivers for new Fraud Prevention technology?”
We asked this last year in our new account onboarding risk assessment survey, and 88% said that improving the customer onboarding experience was one of the most important business case drivers for them. 66% said that improving the fraud detection rates was the most important.
I thought it was notable that we were interviewing fraud executives and ‘detecting fraud’ was 20 percentage points behind ‘improving the customer onboarding experience’.
This really highlights the extent to which fraud executives increasingly feel like they are wearing two hats. One is the traditional hat of loss prevention (catch the bad guys, keep the money from going out the door). The other is about making sure that whatever they're introducing to prevent loss does not insert too much friction into the customer experience. Ideally it replaces legacy technology and removes friction from the customer experience.