Fraud Prevention Strategies for Businesses in British Virgin Islands: Staying Ahead of the Game

The British Virgin Islands (BVI) is no exception to the global challenge of combating fraud. According to a recent study by Experian, 71% of businesses struggle to keep up with the rapidly evolving threat of fraud. In this article, we will explore the top five challenges faced by businesses in the fight against fraud and provide strategies for staying ahead of the game.

The Top Five Challenges

Device Fingerprinting

Device fingerprinting is a critical technology in the fight against fraud. It allows businesses to monitor user sessions continuously and flag suspicious devices before they complete transactions. This technology provides an additional layer of security for customer authentication.

Physical Biometrics

Physical biometrics, such as facial recognition combined with active liveness detection, provides an additional layer of security for customer authentication. This technology is essential for preventing fraud and ensuring a seamless customer experience.

Multiple Fraud Solutions

Managing multiple fraud solutions can be a significant challenge. However, Experian’s CrossCore solution offers a fraud orchestration platform that brings together multiple fraud solutions in one place. This reduces IT complexity and allows businesses to combine the output of each fraud check for a more holistic final decision.

False Positives

False positives are another major issue, with 70% of respondents stating that they cost their business more than actual fraud losses. To overcome this challenge, businesses need to look at the latest technology that balances effective fraud prevention against high-quality customer experience.

Referrals

Referrals can cause significant delays and costs for businesses. By introducing ML-powered fraud solutions that use device and biometric data to near-instantly classify users, businesses can automate their fraud decisioning process and reduce manual reviews.

Experian’s Fraud Prevention Solutions

Experian’s fraud prevention and orchestration solutions are at the cutting edge of fraud detection technology. These solutions continually adapt to help businesses keep pace with the evolving threat of fraud. Local businesses in the British Virgin Islands can stay ahead of the game by implementing these strategies and staying informed about the latest developments in fraud prevention.

Conclusion

Staying ahead of the game requires a layered approach that incorporates Artificial Intelligence (AI), Machine Learning (ML), device data, and biometrics. By understanding the top five challenges faced by businesses in the fight against fraud, local businesses in the British Virgin Islands can take proactive steps to prevent fraud and ensure a seamless customer experience.

Next Steps

• Contact Experian today to speak to a local representative and learn more about how to future-proof your fraud prevention process.
• Read Experian’s latest fraud research report for a comprehensive overview of the fraud landscape.