Executive ThinkTank: Fraud Prevention in the Digital World – The Role of Early and Accurate Detection
The COVID-19 crisis has led to a much wider adoption of digital technologies for payments, commerce and customer engagement. Organisations have realised that digital platforms make it easier for them to transact with customers efficiently and, at scale. And the spending on digital tech will only go up.
Ecosystm research finds that:
- 52% of organisations in Southeast Asia will implement more collaborative platforms and tools in 2021
- 46% will increase use of digital technology and platforms to improve customer experience
- 40% will use more digital technology for product delivery
This increase in use of digital technology will also increase exposure to fraudulent digital interactions. With the availability of so much identity data, it is easy for fraudsters to impersonate customers and create fake identities. Account abuse and account takeover are becoming a major challenge across all industries. Organisations are aware of it with 45% increasing their spend on data security in 2021.
However, to minimise fraud, it is essential to understand the importance of detecting fraudulent behaviour early and accurately, while maintaining a frictionless experience for customers. Companies must assess risk for each transaction and do it fast. As fraudster tactics evolve, organisations will look to data science and machine learning to stay proactive and vigilant.
This Ecosystm Executive ThinkTank will deliver an expert-facilitated peer discussion on best practices for fraud detection. It will provide insights into:
- Common types of fraud
- The challenges organisations face in identifying fraud
- The financial and broader implications of fraud
- The use of data science and machine learning to detect and address fraud rapidly