The Fraud Balancing Act: A Global Perspective

Global financial services, insurance and property management leaders share how they’re balancing growing and challenging fraud while delivering a seamless customer experience.

Forrester Consulting conducted three TransUnion-commissioned studies and surveys. Participants included 465 fraud detection and prevention professionals, including1 :

financial services leaders in the U.S., Canada and India

insurance leaders in the U.S., Canada and India

property management leaders in the U.S.

Fraud Isn’t Just Growing — It’s Changing

All companies reported an increase in fraud, but the challenge is detecting new and constantly-evolving types of fraud.

In the past year, financial services companies reported an increase in:

Loan stacking

Identity theft/New account fraud

Synthetic identity fraud

In the past year, Insurance companies reported increases in:

Soft fraud

Identity fraud

Hard fraud

In the past two years, most property management companies identified fraud activity late:

After move-in

At the time of application

At the time of move-in

Fighting Fraud without Sacrificing Customer Experience

Companies admit that while their current methods weed out fraudsters, they’re often burdensome on good customers, which could lead to abandonment and attrition.

Up to 71% of financial firms
Up to
of financial firms say customer expectations have significant influence on their fraud detection methods
65% of insurers
of insurers say their current tactics to remove fraudsters can negatively impact good customers
85% of property managers
of property managers consider ease of use by applicants important for a fraud technology solution

Time Spent on Fraud Prevention and Keeping up With Fraudster Tactics

Fraud prevention and detection solutions often lack flexibility to adjust in real time and can complicate end user verification processes – resulting in a poor customer experience.

About half of financial services companies reported they don’t have access to real-time or actionable insights on fraud

66% of insurers agreed that fraudsters are always one step ahead

54% of property managers spend excessive time comparing applications to find discrepancies