More than
half of the companies in EMEA plan to invest in technological solutions of
artificial intelligence and machine learning in the next three years to prevent
fraud e.
There is a
growing difference between the effectiveness of companies in Europe, the Middle
East and Africa (EMEA) to optimize their fraud prevention and reality, as
evidenced by Experian's EMEA Fraud Report 2019 report, a technology company
specializing in credit services, analytics advanced and data, carried out by
Forrester consultancy Although two out of five companies (40%) claim that fraud
is properly evaluated and understood within their organization, only 32%
acknowledge that it is clearly defined, measured and backed by automation. And
only one in seven (14%) believe that their ability to prevent fraud is
optimized correctly.
The results
of the report suggest that fraud prevention is a priority for the majority
(85%) of the 913 persons responsible for fraud areas surveyed in EMEA. The
study indicates that data theft (58%) - 62% in Spain - identity theft (47%) and
fraud of the theft of a checking account (45%) are the most frequent types of
attacks in EMEA. In the past, fraud has always been linked to a direct impact
on a company's income statement. However, other aspects such as reputation and
loss of customers are gaining relevance. Specifically, respondents believe that
the loss of customers, in this sense, has a greater impact on their companies
(34%) today. At this point, the report highlights why many business leaders
recognize the need to prioritize fraud prevention and risk management
optimization.
Based on the
volume and impact of fraud in countries, many companies also recognize the need
to invest in innovation and technology to manage it more effectively. More than
half (51%) of respondents at EMEA plan to invest in artificial intelligence and
machine learning solutions over the next three years , along with single-access
modular platforms (55%), such as
Experian’s award-winning Cross Core solution , and the capacities to prevent fraudulent
activities.
In the words
of Rita Estevez, CEO and Market President of Experian Spain and Portugal:
“There is an obvious difference between the level of trust that companies have
in their ability to prevent fraud and how truly optimized them are.”
“It is
promising to see so many company managers recognize that improving fraud
prevention and detection must be an absolute priority. Technology is a
facilitating tool for this. Like many of our clients, more than half of the
companies surveyed are prepared to implement artificial intelligence solutions
to help detect fraud faster and more efficiently. The key to successfully
optimizing fraud management for companies lies in defining, understanding and
managing it effectively. Those companies that do so will be able to protect
themselves and their customers from fraudsters, while protecting their
commercial reputation,” concludes Estevez.
The EMEA
Fraud Report is the fourth annual study commissioned by Experian and conducted
by Forrester Consulting. This report analyzes companies' approach to fraud
management, and includes emerging trends, impact of fraud, key investments and
how companies are working to combat it. The report delves into key factors,
weaknesses and innovations throughout the region.
