Thursday, October 3, 2019

The most common attacks in EMEA -Data theft, identity and checking accounts


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.

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