Contents
- 1 Fraud Surges as Businesses Lag Behind, Reports Experian
- 1.1 Threat Landscape and Rising Losses
- 1.2 A Global Perspective
- 1.3 Technology and Strategy
- 1.4 Modernisation and Machine Learning
- 1.5 The Limitations of Current Tools
- 1.6 Embracing Collaboration
- 1.7 The Role of Shared Networks
- 1.8 The Importance of Strategic Reviews
- 1.9 Industry Insights and Future Outlook
- 1.10 Explore the Full Report
- 1.11 Methodology and About Experian
- 1.12 Research Methodology
- 1.13 About Experian
Fraud Surges as Businesses Lag Behind, Reports Experian
Threat Landscape and Rising Losses
Businesses across EMEA and the Asia Pacific are grappling with escalating fraud. This worrying trend is highlighted in a global study commissioned by Experian. The report discloses that 64% of businesses face increasing fraud losses. Furthermore, 68% concede their current fraud technology can’t compete with sophisticated, AI-driven attacks. Read More
A Global Perspective
The study encompassed insights from nearly a thousand senior fraud decision-makers in EMEA and APAC, including nations such as Australia, India, and South Africa. The research, conducted by Forrester Consulting, shines a light on sector-specific fraud trends. For instance, social engineering is on the rise in Financial Services, while eCommerce bears the brunt of refund abuse.
| Region | Fraud Trends |
|---|---|
| Financial Services | Social Engineering, ID Theft |
| eCommerce | Friendly Fraud, Refund Abuse |
Technology and Strategy
Modernisation and Machine Learning
A substantial 71% of businesses acknowledge the need to invest more in technology over human analysts. Traditional approaches fall short, with a strategic pivot towards machine learning and cloud migration taking precedence. This transition is illustrated by 67% of ML users who report improved fraud detection accuracy.
The Limitations of Current Tools
Traditional fraud solutions are proving inadequate. 68% of respondents have identified a critical tech gap in their fraud defences. The classic ‘build-vs-buy’ dilemma further hampers timely solution deployment. Businesses demand immediate solutions rather than delays extending over months or years.
Embracing Collaboration
Nearly 74% believe future resilience lies in shared fraud networks. Collaborating on fraud intelligence is increasingly pivotal, underpinned by trust and secure infrastructure. Experian plays a vital role by facilitating data sharing via API-connected hubs, ensuring compliance with regulations.
The Importance of Strategic Reviews
With generative AI advancing criminal tactics, strategic reviews of fraud solutions are vital. Priorities include migrating systems to the cloud and acquiring innovative tools. As such, 70% of respondents agree machine learning is indispensable for fraud detection beyond manual systems.
Industry Insights and Future Outlook
Businesses are unanimous—fraud is not static. It evolves continuously. Shail Deep, COO at Experian EMEA & APAC, stresses the urgency: “Generative AI grants criminals unprecedented speed and sophistication.” Thus, investment in modern solutions is no longer optional but essential for resilience today and beyond.
Explore the Full Report
For detailed insights and sector-specific analysis, delve into Experian’s comprehensive report. Discover More.
Methodology and About Experian
Research Methodology
Experian’s findings are drawn from a survey involving 979 fraud decision-makers across diverse sectors like Financial Services and eCommerce. These efforts aim to unveil significant trends affecting fraud prevention strategies.
About Experian
Experian stands at the forefront of data and technology, fostering opportunities globally. From redefining lending practices to preventing fraud and advancing digital marketing, Experian harnesses data, analytics, and software to make a transformative impact. As a FTSE 100 Index company, Experian remains committed to innovation and excellence. Learn More.
