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.
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:
In the past year, Insurance companies reported increases in:
In the past two years, most property management companies identified fraud activity late:
Companies admit that while their current methods weed out fraudsters, they’re often burdensome on good customers, which could lead to abandonment and attrition.
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