You’re not alone. It’s emerged that around half of all boardrooms say increased exposure to fraud is among the biggest challenges currently faced. But at the same time, far fewer fraud teams (16%) believe their businesses are effective at preventing or managing it.
New findings highlight why only the very best-performing customer-centric businesses will thrive given the direct links between security, digital experience and commercial performance. As a result, many boardrooms fear existing business models could simply be defunct within the next five years.
A commissioned study conducted by Forrester Consulting on our behalf, gauges opinion among nearly 400 CEOs and senior business leaders working right across Europe, the Middle East, and Africa. Many say increasing exposure to fraud is at the top of their agenda, but the study reveals big gaps in best practice when it comes to fraud prevention – highlighting just how much additional risk and cost is being created to both their businesses and their customers. The research also shows:
• Nearly half (45%) of all senior business leaders are set to improve their fraud analytics capabilities by investing in new technologies including device recognition software.
• During the past 12 months, fraud has had an impact on a host of key business metrics including the rising cost to serve customers, increasing customer churn and levels of bad debt.
• At the same time, more than four out of five (81%) businesses are now making it a priority to ensure they fully understand their customers and typical behaviour patterns.
• The majority (68%) of C-level executives polled readily acknowledge the impact of fraud protection and friction have on online journeys and need to quickly close the gap by increasing their budgets in improving customer experience and customer management.
• But despite wide scale boardroom concerns at increased exposure to fraud, around two out of five (40%) businesses plan to fully migrate their services from physical to digital within the next 12 months.
Many businesses now face increasing pressure from disruptive competitors, small, agile and new-to-market challengers, which are not weighed down by legacy systems or more traditional routes to market. The research also highlights the best practice decision-makers are adopting to ensure they retain a competitive advantage.
To find out more join our forthcoming webinar by clicking here. Barclays Africa’s Group Head of Fraud Risk Management Paul Mathias, joins fraud expert Chris Thomas, to share their views and insights on emerging trends and the challenges facingorganisations across the globe.