The opportunity cost of fraud versus friction

We’re all in a technological arms race with fraudsters, making prevention and cyber-security everyone’s challenge. Fraudsters are fast, adaptable, indiscriminate, well-resourced and sophisticated – brutally highlighted by current estimates predicting global fraud is set to top US$2 trillion by 2020.

At the same time, an increasingly sophisticated breed of well-equipped fraudster has also emerged.
The dark web and wholesale global trading of personal information now takes place on an industrial scale.
As a result, increased exposure to fraud is now making its mark on many businesses, with nearly four out of five board rooms believing current fraud prevention strategies are ineffective.

The right balance.

But fraud management hinges on finding the right balance between controls and customer friction – particularly given consumers have a mandatory expectation that they can transact via any channel, any device and at any time.
We’ve been working with Forrester Consulting to gauge opinion among hundreds of CEOs and senior business leaders right across Europe, the Middle East, and Africa.

Many are telling us the same things.

It’s also evident there’s also increasing pressure from disruptive competitors. They’re small, agile, new-to-market challengers that simply aren’t weighed down by legacy systems. They’re also successfully providing seamless experiences right across multiple channels and multiple devices – specifically for the vast global cohort of ‘always-on’, digitally-savvy customers.

Competitive advantage.

To retain any competitive advantage, all of us must adopt a new mind-set to continually optimise our customer service. To get the results in full, find out how other CEOs and their boards are meeting the new challenges head-on, simply sign up here for a copy of the findings in Winning In The Customer Era.