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Fight fraud effectively without disrupting the consumer experience.
As technology improves, so does the savviness of fraudsters. But you don’t have to fall victim; Equifax’s multilayered approach to fraud helps you stay a step ahead, without overburdening your consumers. This balancing act is a challenge, but it’s vital to the success of your business.
So how can you enhance your authentication processes without frustrating your consumers?
The solution is InstaTouch ID, which uses Equifax and mobile carrier data to authenticate a consumer’s identity in real time. Then, it autofills form fields with their personal information to reduce data entry and accelerate the transaction process.
The goal is to guard against fraud effectively and unobtrusively while stepping up authentication measures only where there is a high potential for fraud.
Post-authentication monitoring is also key. It’s routinely done for credit card accounts—and can extend to other account types, money transfers, and bill payment. This best practice looks for anomalies in various metrics (e.g., dollar amount, location, and frequency) and proactively issues early warnings of changes in risk level or signs of potential fraud so you can prevent losses. This type of monitoring also improves the digital experience by learning from consumers’ choices and behaviors.
At the end of the day, a positive digital experience can be as great a competitive advantage as price. In fact, according to Forbes, 86% of shoppers will pay for a better consumer experience.