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Fraud Detection and Prevention: The Top 5 Challenges Facing Businesses in the Faroe Islands

As the digital landscape continues to evolve, so too do the tactics used by fraudsters to target businesses in the Faroe Islands. According to recent research, 71% of fraud leaders in the region are struggling to keep up with the rapidly evolving fraud threat. In this article, we take a closer look at the top five challenges limiting fraud prevention in the Faroe Islands and explore the solutions that can help businesses stay ahead of the game.

The Top Five Challenges

1. Device Fingerprinting

A staggering 56% of businesses in the region lack device fingerprinting capabilities, making it difficult to monitor user sessions and flag suspicious devices. However, by incorporating machine learning (ML) analysis and additional data points, device fingerprinting has become an essential tool for effective fraud prevention.

2. Physical Biometrics

The second biggest challenge is a lack of physical biometric identity verification, with 54% of businesses failing to implement this critical technology. Facial recognition combined with active liveness detection provides a fast and simple way to verify identity against government-issued ID documents.

3. Managing Multiple Fraud Solutions

Managing multiple types of fraud prevention software and associated costs is the third biggest challenge, with 52% of businesses struggling to keep up. Experian’s CrossCore solution brings together multiple fraud solutions in a single platform, reducing IT complexity and improving decision-making.

4. False Positives

False positives are a major issue for businesses in the Faroe Islands, with 70% of respondents stating that they cost more than actual fraud losses. To overcome this challenge, businesses need to adopt the latest technology that balances effective fraud prevention against high-quality customer experience.

5. Referrals

The final challenge is a growing number of referrals, causing increased delays and costs. Large numbers of manual reviews are a symptom of an inefficient fraud prevention strategy. By introducing ML-powered fraud solutions that use device and biometric data, businesses can automate their fraud decisioning process and reduce the need for manual reviews.

The Future of Fraud Prevention

Experian is at the forefront of fraud detection technology, providing innovative solutions to help businesses in the Faroe Islands stay ahead of the game. By embracing the latest technologies such as AI, ML, and device intelligence, businesses can future-proof their fraud prevention process and protect themselves against the ever-evolving threat of fraud.

Contact Us

To learn more about Experian’s fraud detection and prevention solutions, please contact us today to speak with a local representative. For a comprehensive overview of the fraud landscape in the Faroe Islands, read our latest research report by filling out the form below:

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