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Fraud Detection and Prevention in Northern Mariana Islands: Challenges and Solutions

The fight against fraud in the Northern Mariana Islands is an ongoing battle. According to recent research by Experian, 71% of businesses in the region are struggling to keep up with the rapidly evolving fraud threat. However, this struggle also presents opportunities for innovation and improved fraud prevention.

Challenges Limiting Fraud Prevention

To combat fraud more effectively, businesses in the Northern Mariana Islands must leverage cutting-edge technology. Our research highlights five critical challenges limiting fraud prevention in the region:

Challenge 1: Device Fingerprinting

The biggest challenge facing businesses is a lack of device fingerprinting (56%). This technique uses machine learning analysis and additional data points to monitor devices continuously throughout user sessions, flagging suspicious activity before it’s too late. The benefits of device fingerprinting include improved customer experience and high levels of fraud detection accuracy.

Challenge 2: Physical Biometrics

The second biggest challenge is a lack of physical biometric identity verification (54%). Facial recognition combined with active liveness detection provides a fast and simple way to verify identities against government-issued ID documents. This technology improves customer experience while providing an added layer of security against deepfakes.

Challenge 3: Multiple Fraud Solutions

Managing multiple fraud prevention software and associated costs is the third biggest challenge (52%). Our research shows that 46% of businesses are using three or more fraud solutions, with most relying on a combination of in-house and external partner solutions. Experian’s CrossCore solution provides an orchestration platform to integrate these solutions seamlessly.

Challenge 4: False Positives

The fourth biggest challenge is the inability to align fraud prevention and revenue growth strategies (54%). False positives are a major issue, with 70% of respondents stating that they cost more than fraud losses. To overcome this, businesses need to adopt technology that balances effective fraud prevention against high-quality customer experience.

Challenge 5: Referrals

The final challenge is the growing number of referrals causing increased delays and costs (51%). Manual reviews are a symptom of an inefficient fraud prevention strategy. To automate decisioning processes effectively, businesses must combine device fingerprinting, physical biometrics, and machine learning-powered fraud solutions.

The Solution

Experian is committed to helping businesses in the Northern Mariana Islands future-proof their fraud prevention strategies. Our cutting-edge technology and expertise can help you stay ahead of the evolving fraud threat and protect your business and customers. Contact us today to learn more about our fraud detection and prevention solutions.