As Published in Forbes, Jan. 24, 2020
- 52% of financial institutions plan to invest in additional measures to secure existing accounts, and 46% plan to invest in better identity-verification measures.
- 42% of digital businesses that consider themselves technologically advanced are finding fraud is restraining their ability to grow and adopt new digital innovation strategies.
- 33% of all businesses across retail, financial institutions, restaurants and insurance are investing in their omnichannel strategies this year.
These and many other insights are from the Javelin Strategy and Research report published this month, Protecting Digital Innovation: Emerging Fraud and Attack Vectors. A copy of the report can be downloaded here (25 pp., PDF, opt-in). The methodology is based on a survey of 200 fraud and payment decision-makers for businesses headquartered in the United States. Respondents are evenly distributed from four industries including consumer banking, insurance, restaurants/food service, and retail merchants.
The survey’s results are noteworthy because they reflect how AI and machine learning-based fraud prevention techniques are helping retailers, financial services, insurance and restaurants to reduce false positives that in turn reduces friction for their customers. All industries are in an arms race with fraudsters, many of whom are using machine learning to thwart fraud prevention systems. There are a series of fraud prevention providers countering fraud and helping industries stay ahead. A leader in this field is Kount, with its Omniscore that provides digital businesses with what they need to fight fraud while providing the best possible customer experience.