Ecommerce / Retail
Experian’s newest Global Insights Report found that consumers are online 25% more today than they were just a year ago, highlighting the importance of the digital customer experience. To acquire customers and retain their loyalty, businesses need to focus on improving the online experience, preventing fraud, and managing credit risk. This September, Experian surveyed 3,000 consumers and 900 businesses across all industries to explore business priorities and recent changes in consumer activities. Many businesses and consumers are reportedly feeling more economically stable now than they were a year ago. As consumers resume spending the digital customer experience becomes even more paramount – requiring businesses to invest in scalable software solutions that will accurately assess credit risk and meet ever-changing needs and priorities. Our research found that: 42% of consumers have increased concern for the safety of banking and shopping transactions Business adoption of advanced analytics has increased over last year, and adoption of artificial intelligence is up from 69% to 74% Consumers are more likely to share their personal data if it improves their experience, with 56% willing to share their contact information The top three consumer priorities continue to be security, privacy and convenience Download the report to get all the latest insights into consumer desires and business behaviors as we move further through the digital evolution. Download the report
It’s time for organizations to harness the power artificial intelligence (AI) can bring to digital identity management – quickly and accurately identifying consumers throughout the lifecycle. The rise in crime The acceleration to digital platforms created a perfect storm of new opportunities for fraudsters. Synthetic identity fraud, stimulus-related fraud, and other types of cybercrime have seen huge upticks within the past year and a half. In fact, the Federal Trade Commission revealed that consumers reported over 360,000 complaints, resulting in more than $580 million in COVID-19-related fraud losses as of October 2021. To protect both themselves and consumers, businesses — especially lenders — will have to find and incorporate new strategies to identify customers, deter fraudsters and mitigate cybercrime. The benefits of AI for digital identity In our latest e-book, we explore the impacts of AI on organizations’ digital identity strategies, including: How changing consumer expectations increased the need for speed The challenges associated with both AI and digital identities The path forward for digital identity and AI How to develop the right strategy Building a solution It’s clear that current digital identity and fraud prevention tools are not enough to stop cybercriminals. To stay ahead of fraudsters and keep consumers happy, businesses need to look to new technologies — ones that can intake and compute large data sets in near-real time for better and faster decisions throughout the customer lifecycle. By using AI, businesses will enjoy a fast and consistent decisioning system that automatically routes questionable identities to additional authentication steps, allowing employees to focus on the riskiest cases and maximizing efficiency. Read our latest e-book to dive into the ways artificial intelligence and digital identity interact, and the benefits a clear identity strategy can have for the entire user journey. Download the e-book
The Telephone Consumer Protection Act (TCPA), which regulates telemarketing calls, autodialed calls, prerecorded calls, text messages and unsolicited faxes, was originally passed in 1991. Since that time, there have been many rulings and updates that impact businesses’ ability to maintain TCPA compliance. Recent TCPA Changes On December 30, 2020, the Federal Communications Commission (FCC) updated a number of TCPA exemptions, adding call limits and opt-out requirements, and codifying exemptions for calls to residential lines. These changes, along with other industry changes, have added additional layers of complication to keeping compliant while still optimizing operations and the consumer experience. Maintaining TCPA Compliance Businesses who do not maintain TCPA compliance could be subject to a lawsuit and paying out damages, and potential hits to their reputation. With the right partner in place, businesses can maintain data hygiene and accuracy to increase right-party contact (and reduce wrong-party contact) to keep collections streamlined and improve the customer experience. Using the right technology in place, it’s easier to: Monitor and verify consumer contact information for a better customer experience while remaining compliant. Receive and monitor daily notifications about changes in phone ownership information. Maintain compliance with Regulation F by leveraging a complete and accurate database of consumer information. When searching for a partner, be sure to look for one who offers data scrubbing, phone type indicators, phone number scoring, phone number identity verification, ownership change monitoring, and who has direct access to phone carriers. To learn more about how the right technology can help your business maintain TCPA compliance, visit us or request a call. Learn more
Lately, I’ve been surprised by the emphasis that some fraud prevention practitioners still place on manual fraud reviews and treatment. With the market’s intense focus on real-time decisions and customer experience, it seems that fraud processing isn’t always keeping up with the trends. I’ve been involved in several lively discussions on this topic. On one side of the argument sit the analytical experts who are incredibly good at distilling mountains of detailed information into the most accurate fraud risk prediction possible. Their work is intended to relieve users from the burden of scrutinizing all of that data. On the other side of the argument sits the human side of the debate. Their position is that only a human being is able to balance the complexity of judging risk with the sensitivity of handling a potential customer. All of this has led me to consider the pros and cons of manual fraud reviews. The Pros of Manual Review When we consider the requirements for review, it certainly seems that there could be a strong case for using a manual process rather than artificial intelligence. Human beings can bring knowledge and experience that is outside of the data that an analytical decision can see. Knowing what type of product or service the customer is asking for and whether or not it’s attractive to criminals leaps to mind. Or perhaps the customer is part of a small community where they’re known to the institution through other types of relationships—like a credit union with a community- or employer-based field of membership. In cases like these, there are valuable insights that come from the reviewer’s knowledge of the world outside of the data that’s available for analytics. The Cons of Manual Review When we look at the cons of manual fraud review, there’s a lot to consider. First, the costs can be high. This goes beyond the dollars paid to people who handle the review to the good customers that are lost because of delays and friction that occurs as part of the review process. In a past webinar, we asked approximately 150 practitioners how often an application flagged for identity discrepancies resulted in that application being abandoned. Half of the audience indicated that more than 50% of those customers were lost. Another 30% didn’t know what the impact was. Those potentially good customers were lost because the manual review process took too long. Additionally, the results are subjective. Two reviewers with different levels of skill and expertise could look at the same information and choose a different course of action or make a different decision. A single reviewer can be inconsistent, too—especially if they’re expected to meet productivity measures. Finally, manual fraud review doesn’t support policy development. In another webinar earlier this year, a fraud prevention practitioner mentioned that her organization’s past reliance on manual review left them unable to review fraud cases and figure out how the criminals were able to succeed. Her organization simply couldn’t recreate the reviewer’s thought process and find the mistake that lead to a fraud loss. To Review or Not to Review? With compelling arguments on both sides, what is the best practice for manually reviewing cases of fraud risk? Hopefully, the following list will help: DO: Get comfortable with what analytics tell you. Analytics divide events into groups that share a measurable level of fraud risk. Use the analytics to define different tiers of risk and assign each tier to a set of next steps. Start simple, breaking the accounts that need scrutiny into high, medium and low risk groups. Perhaps the high risk group includes one instance of fraud out of every five cases. Have a plan for how these will be handled. You might require additional identity documentation that would be hard for a criminal to falsify or some other action. Another group might include one instance in every 20 cases. A less burdensome treatment can be used here – like a one-time-passcode (OTP) sent to a confirmed mobile number. Any cases that remain unverified might then be asked for the same verification you used on the high-risk group. DON’T: Rely on a single analytical score threshold or risk indicator to create one giant pile of work that has to be sorted out manually. This approach usually results in a poor experience for a large number of customers, and a strong possibility that the next steps are not aligned to the level of risk. DO: Reserve manual review for situations where the reviewer can bring some new information or knowledge to the cases they review. DON’T: Use the same underlying data that generated the analytics as the basis of a review. Consider two simplistic cases that use a new address with no past association to the individual. In one case, there are several other people with different surnames that have recently been using the same address. In the other, there are only two, and they share the same surname. In the best possible case, the reviewer recognizes how the other information affects the risk, and they duplicate what the analytics have already done – flagging the first application as suspicious. In other cases, connections will be missed, resulting in a costly mistake. In real situations, automated reviews are able to compare each piece of information to thousands of others, making it more likely that second-guessing the analytics using the same data will be problematic. DO: Focus your most experienced and talented reviewers on creating fraud strategies. The best way to use their time and skill is to create a cycle where risk groups are defined (using analytics), a verification treatment is prescribed and used consistently, and the results are measured. With this approach, the outcome of every case is the result of deliberate action. When fraud occurs, it’s either because the case was miscategorized and received treatment that was too easy to discourage the criminal—or it was categorized correctly and the treatment wasn’t challenging enough. Gaining Value While there is a middle ground where manual review and skill can be a force-multiplier for strong analytics, my sense is that many organizations aren’t getting the best value from their most talented fraud practitioners. To improve this, businesses can start by understanding how analytics can help group customers based on levels of risk—not just one group but a few—where the number of good vs. fraudulent cases are understood. Decide how you want to handle each of those groups and reserve challenging treatments for the riskiest groups while applying easier treatments when the number of good customers per fraud attempt is very high. Set up a consistent waterfall process where customers either successfully verify, cascade to a more challenging treatment, or abandon the process. Focus your manual efforts on monitoring the process you’ve put in place. Start collecting data that shows you how both good and bad cases flow through the process. Know what types of challenges the bad guys are outsmarting so you can route them to challenges that they won’t beat so easily. Most importantly, have a plan and be consistent. Be sure to keep an eye out for a new post where we’ll talk about how this analytical approach can also help you grow your business. Contact us
Earlier this year, we shared our predictions for five fraud threats facing businesses in 2021. Now that we’ve reached the midpoint of the year and economic recovery is underway, we’re taking another look at how these threats can impact businesses and consumers. Putting a Face to Frankenstein IDs: Synthetic identity fraudsters will attempt to bypass fraud detection methods by using AI to combine facial characteristics from different people to form a new identity. Overexposure: As many as 80% of SSNs may have been exposed on the dark web, creating opportunities for account application fraud. The Heist: Surges in data breaches, advances in automation, expanded online banking services and vulnerabilities exposed from social engineering mistakes have lead to rises in account takeover fraud. Overstimulated: Opportunistic fraudsters may take advantage of ongoing relief payments by using stolen data from consumers. Behind the Times: Businesses with lackluster fraud prevention tools and insufficient online security technology will likely experience more attacks and suffer larger losses. To learn more about upcoming fraud threats and how to protect your business, download our new infographic and check out Experian’s fraud prevention solutions. Download infographic Request a call
As stimulus-generated fraud wanes, we anticipate a return of more traditional forms of fraud, including account opening fraud. As businesses embrace the digital evolution and look ahead to responsible growth, it’s important to balance the customer experience with the risks associated with account opening fraud. Preventing account opening fraud requires a layered fraud and identity management strategy that allows you to approve good customers while keeping criminals out. With the right tools in place, you can optimize the customer experience while still keeping risk low. Download infographic Review your fraud strategy
The pandemic changed nearly everything – and consumer credit is no exception. Data, analytics, and credit risk decisioning are gaining an even more significant role as we grow closer to the end of the global crisis. Consumers face uneven roads to recovery, and while some are ready to spend again, others are still dealing with pandemic-related financial stress. We surveyed nearly 9,000 consumers and 2,700 businesses worldwide about how consumers are stabilizing their finances and businesses are returning to growth for our new Global Decisioning Report. In this report, we dive into: Key business priorities in 2021 Financial concerns for consumers How to navigate an uneven recovery Business priorities for the year ahead The importance of the online experience As we begin to near the end of the pandemic, businesses need to prioritize technology that enables a responsive, flexible, efficient and confident approach. This can be done by leveraging advanced data and analytics and integrating machine learning tools into model development. By investing in the right credit risk decisioning tools now, you can help ensure your future. Download the report
Experian recently announced its expansion into Employer Services and the release of a new suite of real-time income and employment verification products, Experian Verify™. The COVID-19 pandemic amplified lenders' need for deeper insights into a consumer's financial situation. At the same time, employers were flooded with record-breaking unemployment claims, while managing stay-at-home orders, income and employment verification fulfillment requests, and more. "We're committed to helping employers, businesses, lenders, and consumers on the road to recovery from the pandemic and beyond," said Alex Lintner, Group President Experian Consumer Information Services. "To support this, we're building two businesses: Experian Employer Services and Verification Solutions. These businesses will create meaningful change and provide our clients with competitive options to achieve their verification needs while helping improve access to credit for consumers." With Experian Verify, lenders can quickly and easily create a more complete picture of a consumer's financial situation by verifying an applicant's income and employment status. Powered by our growing network of payroll and proprietary employer data, Experian Verify offers lenders flexible and secure access to income and employment records. With a consumer's consent, lenders can request the information from Experian and an income and employment report can be delivered to lenders through an API, online Experian dashboard, or paired with an Experian credit report. "As we begin to recover from the COVID-19 pandemic and employers are reopening their doors, we're confident we have assembled the best-of-the-best to help employers overcome their toughest challenges. We're committed to leveraging our combined capabilities and focus on high-touch customer service to deliver secure, scalable and transparent services to employers," said Michele Bodda, President of Experian Mortgage, Employer Services and Verification solutions. Visit us for more information on Experian Verify and Experian's Employer Services. Contact us
To grow in today’s economic climate and beat the competition, financial institutions need to update their acquisition and cross-sell strategies. By doing so, they are able to drive up conversions, minimize risk, and ultimately connect consumers with the right offers at the right time. Businesses and consumers are spending more time online than ever before, with 40% of consumers increasing the number of businesses they visit online. They’ve also made it clear that they expect easy, frictionless transactions with their providers. This includes new accounts and offers of credit – creating the need for better delivery systems. Effective targeting and conversion come down to more than just direct mail and email subject lines, especially now in a volatile economy where consumers are seeking appropriate products for their current situation. Be the first to meet consumers’ needs by leveraging the freshest data, advanced analytics, and automated decision systems. For example, when a consumer tries to open a checking account, the system can initiate a “behind-the-scenes” real-time prescreen request while assessing information needed to open the deposit account. The financial institution can then see if the consumer qualifies for overdraft protection, refinancing offers, loans, credit cards, and more. By performing the pre-approval process in seconds, financial institutions can be sure that they're making the right offers to the right customer, and doing it at the right time. All of this helps to increase the offer acceptance rate, improving customer retention, and maximizing customer account life-time value. The pandemic upended a lot of the ways that your businesses run day-to-day – from where you work to how you (better) engage with customers. Arguably, some of the changes have been long overdue, particularly the acceleration to digital and better customer acquisition strategies. Ahead lies the opportunity to grow – strategies enacted now will determine the extent of that opportunity. To learn more about how Experian can help you assess your prescreen strategy and grow, contact us today. Request a call
For the last several months, Experian has participated as the only credit bureau in the pilot of the electronic Consent Based Social Security Number (SSN) Verification (eCBSV) service. As we move forward to general rollout and expanded availability later this year, it’s time to review the benefits of eCBSV and how it helps businesses prevent synthetic identity fraud. Service and program overview The eCBSV service combats synthetic identity fraud by comparing data provided electronically by approved financial institutions against the Social Security Administration’s (SSA) database in real time. This service helps financial institutions verify SSNs more efficiently and enables improved experiences for identifying legitimate or possibly synthetic identities applying for your products. The verification process begins with consent from the SSN holder – and with eCBSV this consent is provided electronically rather than via a wet signature. Then, the SSN is checked against the SSA database to validate the SSN, name, and date of birth combination are or are not a match. The verification will also indicate if the SSN is listed as deceased with the SSA. Together, these factors can help flag whether or not an identity is synthetic. By managing this process electronically, it is faster, more secure, and more efficient than before, offering an improved experience for consumers and the financial institutions that service them. Layering solutions While eCBSV is an excellent step forward in the fight against the rising threat of synthetic identity fraud, a layered fraud mitigation strategy is still necessary. It’s only by layering solutions that financial institutions can accurately identify different types of fraud and provide them with the correct treatment, which is especially important when it comes to rooting out fraud when it’s already embedded in a portfolio. To learn more about how Experian is helping to combat synthetic identity fraud and how eCBSV can benefit your financial institution, request a call. Request a call
Preventing fraud losses requires an understanding of each individual fraud type—including third-party, first-party, synthetic identity, and account takeover fraud—and how they differ from one another. It’s only with a multi-layered fraud strategy that businesses can adequately detect and treat each type of fraud while maintaining the customer experience. When’s the last time you reviewed your existing fraud strategy? Download infographic Review your fraud strategy
Since 2002, lenders have been aware of the importance of Know Your Customer (KYC) and the associated Customer Identification Program (CIP) requirements. As COVID-19 has changed procedures and priorities for businesses and consumers across the board, it’s more important than ever for institutions to ensure their CIP process includes ongoing monitoring of identity risk. What is CIP? Standard KYC programs include a Customer Identification Program to verify and validate identities along with due diligence to assess the risks associated with each identity. CIP defines the process by which a business collects data to establish a reasonable belief that the identity is valid, and that the individual is eligible to participate in our financial system. While this process works in conjunction with other fraud mitigation tactics, they serve different purposes. A good CIP program emphasizes the customer experience, regulatory compliance, cost control, and smart growth. Fraud mitigation focuses on ensuring that an eligible identity is being presented by its true owner, rather than as part of a scheme to acquire goods and services with intent to default on repayment obligations. Businesses who focus on solely on fraud mitigation rather than complying with KYC and CIP regulations run the risk of potential harm to business reputation, and of course, financial penalties. Fenergo found that as of the end of 2019, global penalties for AML and KYC non-compliance totaled $36 billion. CIP vs. Fraud Mitigation Many financial institutions equate a CIP program with efforts to mitigate fraud. It’s understandable, as both processes include emphasis on the accuracy of an identity as it’s presented by a consumer. It is assumed that only the true owner of the identity would possess the detailed information necessary to meet CIP requirements and therefore would not likely be committing fraud. There was a time—prior to large scale thefts of stored information, personal details shared through social media and other behavior changes that made personal information very public—when this would have been true. Unfortunately, those days have passed and even an amateur criminal with limited experience and resources could find current, accurate identity information for sale online, information good enough to pass the CIP test and be considered a legitimate consumer. The real challenge is that when they go through CIP, many real consumers may inadvertently provide true information that doesn’t meet the verification standard. This is a result of consumer lifestyle changes outpacing the sources of data used to verify the information they’ve provided. It makes sense; in most years roughly 13% of American adults change their address. New homes, job changes and changes in marital status impact a large number of people every day. Adding to the confusion—it’s life’s changes that prompt people to borrow and purchase. The result is that many of the people that are more likely to fail CIP verification are the very people trying to legitimately access financial services. The result is that CIP verification often isn’t a challenge for those intending to commit fraud, but it can be for genuine consumers. The challenges of CIP In a recent internal study, Experian reviewed the ability to pass a standard CIP strategy that assessed the accuracy of the name, current address, date of birth and Social Security number provided by a large sample of consumers. We then compared legitimate consumers to those later confirmed to have been identity thieves impersonating a victim. Consistently, the identity thieves were at least as proficient at passing CIP as their true-consumer counterparts. In a second step, we applied a fraud score that looked for identity theft by assessing the past uses of the identities, their consistency, velocity and many other characteristics unrelated to the accuracy of the data. The difference between CIP verification and a fraud risk assessment was striking. Across the entire range of fraud risk, the percentage of records that passed CIP verification remained the same. That said, CIP still plays a very important role in risk mitigation. In fact, CIP and fraud prevention are inextricable in financial services. Just as a CIP verified identity can still be fraud, a record that may appear to be low fraud risk may not pass CIP. Since both processes have existed side by side for nearly two decades, each presumes that the other is in place and both are necessary to detect and prevent fraud. Striking a balance CIP verification and fraud mitigation strategies are both necessary and important to protecting assets and the broader financial system from fraud. It’s important to leverage a layered approach where both eligibility and risk are assessed, and next steps for verification include resolution of identity discrepancies alongside verification that ensures an identity is not being misused for fraud. Experian can help you confidently verify customer identities, understand and anticipate customer activities, and implement ongoing monitoring. If you’d like to set up a review of your current strategy or learn more about how we can help you with CIP and fraud mitigation to strengthen your ability to know your customer compliantly, let us know. Contact us
According to Experian’s latest Global Insights Report, 38% of consumers expect to increase their online activity in the next 12 months. The report also found that consumers continue to have high expectations for their online experience, and businesses are re-imagining the customer journey to reflect that need. This January, Experian surveyed 3,000 consumers and 900 businesses to explore the changes in consumer behavior and business strategy pre- and post-COVID-19. As consumers have embraced life online, they’ve continued to emphasize their feelings regarding the importance of protecting their information. More than half of consumers still consider security to be the most important factor in their digital experience – the same experience they have such high expectations of. Business are acting in turn, with more than half investing in fraud detection methods or software to reduce friction in the customer experience. Digital transformation is also highlighting the need to: Manage regulatory compliance Integrate security measures Ensure access to AI models Attract and manage customers Integrate automation solutions Download the report to get all the latest insights into consumer desires and business behaviors, and keep visiting the Insights blog for a deeper dive into US-specific findings. Download report
Previously, we discussed the risks of account takeover and how a Defense in Depth strategy can protect your business. Before implementation it’s important to understand the financial benefits of the strategy. There are a few key steps to assessing and quantifying the value of Defense in Depth. Transaction risk assessment: This requires taking inventory of all possible transactions. Session-level risk analysis: With the transactions categorized by risk level, the next step is to review session history based on the highest risk activity within the session. Quantify the cost of a challenge: There are multiple costs associated with challenging a user using step-up authentication. Consider both direct and indirect costs – failure rate, contact center operational cost, and attrition rate following failed challenges (consider lifetime value of account) Quantify the expected challenge rate: This can be done by comparing the Defense in Depth approach to a traditional approach. Below is a calculator that will help determine the cost of the reduced challenges associated with a Defense in Depth strategy versus a traditional strategy. initIframe('5f039d2e4c508b1b0aafa4bd'); In addition to the quantitative benefits, it is important to consider some of the qualitative benefits of this approach: Challenging at moments that matter: Customers appreciate and expect protection in online banking, especially when moving money externally or updating contact information. This is a great way to achieve both convenience and security. Improved fraud management: By staging the risk decision at the transaction level, the business can balance the type of challenge with the transaction risk. There are incremental cost considerations to include in the business case as well. For instance, there is an increase in transaction calls for a risk assessment at the medium/high risk transactions – about 10% in the example above. Generally, the increased transaction cost is more than offset by the reduction in cost of challenges alone. A Defense in Depth strategy can help businesses manage fraud risk and prevent account takeover in online banking without sacrificing user experience. If you are interested in assistance with building your business case and understanding the strategies to implement a successful Defense in Depth strategy, contact us today. Contact us 1Identity Fraud in the Digital Age, Javelin Strategy & Research, September 2020
Preventing account takeover (ATO) fraud is paramount in today’s increasingly digital world. In this two-part series, we’ll explore the benefits and considerations of a Defense in Depth strategy for stopping ATO. The challenges with preventing account takeover Historically, managing fraud and identity risk in online banking has been a trade-off between customer experience and the effectiveness of fraud controls. The basic control structure relies on a lock on the front door of online banking front door—login—as the primary authentication control to defend against ATO. Within this structure, there are two choices. The first is tightening the lock, which equals a higher rate of step-up authentication challenges and lower fraud losses. The second is loosening the lock, which results in a lower challenge rate and higher fraud loses. Businesses can layer in more controls to reduce the false positives, but that only allows marginal efficiency increases and usually represents a significant expense in both time and budget to add in new controls. Now is the perfect time for businesses reassess their online banking authentication strategy for a multitude of reasons: ATO is on the rise: According to Javelin Strategy & Research, ATO increased 72% in 2019.1 Users’ identities and credentials are at more risk than ever before: Spear phishing and data breaches are now a fact of life leading to reduced effectiveness of traditional authentication controls. Online banking enrollments are on the rise: According to BioCatch, in the months following initial shelter-in-place orders across the country, banks have seen a massive spike in first time online banking access. Users expect security in online banking: Half of consumers continue to cite security as the most important factor in their online experience. Businesses who reassess the control structure for their online banking will increase the effectiveness of their tools and reduce the number of customers challenged at the same time – giving them Defense in Depth. What is Defense in Depth? Defense in Depth refers to a strategy in which a series of defense mechanisms are layered in order to protect data and information. The basic assumptions underlying the value of a Defense in Depth strategy are: Different types of transactions within online banking have different levels of inherent risk (e.g., external money movement is considerably higher risk compared to viewing recent credit card transactions) At login, the overall transaction risk associated with the session risk is unknown The risk associated with online banking is concentrated in relatively small populations – the vast majority of digital transactions are low risk This is the Pareto principle at play – i.e., about 80% of online banking risk is concentrated within about 20% of sessions. Experian research shows that risk is even more concentrated – closer to >90% of the risk is concentrated in <10% of transactions. This is relatively intuitive, as the most common activities within online banking consist of users checking their balance or reviewing recent transactions. It is much less common for customers to engage in higher risk transaction. The challenge is that businesses cannot know the session risk at the time of challenge, thus their efficiency is destined to be sub-optimal. The benefits of Defense in Depth A Defense in Depth strategy can really change the economics of an online banking security program. Adopting a strategy that continuously assesses the overall session risk as a user navigates through their session allows more efficient risk decisions at moments that matter most to the user. With that increased efficiency, businesses are better set up to prevent fraud without frustrating legitimate users. Defense in Depth allows businesses to intelligently layer security protocols to protect against vulnerability – helping to prevent theft and reputational losses and minimize end-user frustration. In addition to these benefits, a continuous risk-based approach can have lower overall operational costs than a traditional security approach. The second part of this series will explore the cost considerations associated with the Defense in Depth strategy explored above. In the meantime, feel free to reach out to discuss options. Contact us 1Identity Fraud in the Digital Age, Javelin Strategy & Research, September 2020