Welcome
Welcome
Financial services firms are in a difficult situation: Consumer identity and private information are already vulnerable, while fraudsters are increasingly more resourceful. You must find a balance between detecting fraudulent activity without hurting the experience of good customers.
Are your fraud best practices good enough? How do they compare to your peers’? Find out now with this short assessment.
TransUnion commissioned Forrester to create the fraud detection and ID verification self-assessment. The customized results and recommendations will provide insights into your organization’s fraud maturity. The assessment should take fewer than 2 minutes to complete.
Questions
What types of fraud, if any, has your company experienced in the past two years? (Select all that apply.)
Questions
How many different fraud detection and ID verification solutions does your company currently have? (Select one.)
Questions
What risk management strategies and solutions does your company use currently to mitigate fraud? (Select all that apply.)
Questions
Which of the following capabilities are part of your company’s current fraud detection and ID verification solution(s)? (Select all that apply.)
Questions
Which of the following data sources are part of your company’s fraud detection and ID verification solutions? (Select all that apply.)
Questions
What challenges does your company experience with the data sources it uses for fraud detection and ID verification? (Select all that apply.)
Results Overview
Results Overview
Forrester estimates that fraud costs companies billions, claiming 2.39% of revenue for financial services firms every year.
The impacts of fraud can be felt across the business, with high costs for victim remediation, fraud loss write-offs, legal complications for noncompliance, and lost productivity for employees. But the implications are also serious from a customer perspective: It reduces future engagement, increases complaints, creates loss of trust, and inconveniences customers with extra steps to verify their identity.
With fraud on the rise and fraudsters continuously evolving their tactics, companies are unable to keep up. In fact, 92% struggle to detect and mitigate fraud without hurting the customer experience.
A good fraud management solution mitigates risk while maintaining a seamless customer experience. A fraud management approach that’s too aggressive and incorrectly identifies good customers as fraudulent ones could lead to lost sales.
Download your customized report to see how your firm stacks up against peers and what steps you must take to reach a higher maturity level.
And read our comprehensive study Fraud Detection And ID Verification In Financial Services to learn more about best practices to fight fraud.
View your detailed results
Your Results
Your business has already shown a commitment to your customers and their evolving needs. You have already demonstrated the desire to modernize, streamline, and personalize engagement, but there is still some work to do.
Recommendations: What your organization should consider
Modern and secure identity verification (IDV) is not an end-state; it is a journey. Forrester recommends you look for ways to:
- Leverage your existing investments to enable and open up additional engagement and buying channels for your customers on the wake of IDV processes. This will require you to go beyond the four walls of your organization to truly understand the direction fraudsters are going in.
- Regularly gather feedback from your customers and partners to understand what experiences will shape their expectations of your organization in the future and experiment with new experiences to constantly disrupt your own organizations.
- Double-down on your commitment to be a data-driven organization, including transactional and partner data for IDV. The need for identity verification will continue to rise.
- Look to integrate other pieces of data from both internal and external sources to better inform not only your decision making, but your customer-specific recommendations.
Your Results
Your company has acknowledged the changing identity verification (IDV) landscape, you understand what is needed, and you’re ready to act. You’ve started making strides towards automating otherwise complex IDV processes and you have started exploring how to better support your customers in an omnichannel way, but your IDV and fraud management practices are lacking key elements to truly differentiate from your competition.
Recommendations: What your organization should consider
To pull away from the pack, start by:
- Making IDV experiences dynamic and personalized with as little customer friction as possible.
- Leveraging the vast amounts of transactional and customer data to segment your customers and understand their specific needs and preferences.
- Apply these insights in the context of your customers’ IDV experiences to increase the security and accuracy of IDV processes that lead to appropriate value-add.
Your Results
Your business has relied on the things that have traditionally made it successful, however, modernization and rising identity verification (IDV) expectations put you at risk for disruption. As your customers increasingly expect to be served with frictionless IDV experiences in their preferred channel, your existing (potentially manual or one-off) processes and technologies will no longer be sufficient.
Recommendations: What your organization should consider
It’s not too late. You can start by:
- Taking inventory of the processes and technologies across your various business channels.
- Streamlining existing IDV and fraud management processes and leverage standardization of records and IDV techniques across channels.
- Develop IDV methods relevant for your various interaction channels that leverage these streamlined methods. This could mean supporting your employees with IDV mobile applications to verify the identity of their clients or by unifying IDV to a central function.
Next Steps
Download your results
After completing the registration form, click the button that will then appear above to download a PDF version of your results.
Contact TransUnion
Have questions about how to get started?
Please email: Seth.Mossberg@transunion.com
Methodology, Disclaimers and Disclosures
Methodology, Disclaimers and Disclosures
Methodology
Methodology
In this study, Forrester conducted an online survey of 153 financial services organizations in the US, Canada, and India to evaluate the state of fraud detection and ID verification. Survey participants included decision makers in IT operations, security and risk management, eCommerce, marketing, and CX. Questions provided to the participants asked about fraud they’ve experienced, the impact of that fraud, and the solutions they use to combat fraud. Respondents were offered an incentive as a thank you for time spent on the survey. The study began in May 2018 and was completed in June 2018.
Disclaimers
Although great care has been taken to ensure the accuracy and completeness of this assessment, TransUnion and Forrester are unable to accept any legal responsibility for any actions taken on the basis of the information contained herein. The tool is provided 'as is,' and Forrester and TransUnion make no warranties of any kind. Forrester does not endorse TransUnion or its offerings.
Disclosures
This interactive tool is commissioned by TransUnion and delivered by Forrester Consulting.