Financial Crime World

Fraud Prevention Strategies for Businesses in Tokelau: Staying Ahead of Scammers

In the ever-evolving landscape of fraud, it’s crucial for businesses in Tokelau to stay one step ahead of scammers. Recent research reveals that 71% of fraud leaders in the Pacific Islands are struggling to keep up with the rapidly changing fraud threat. To combat this, Experian has identified five key challenges limiting fraud prevention and provided actionable solutions to help businesses in Tokelau prevent fraud.

The Top Five Challenges

  1. Device Fingerprinting The biggest challenge is a lack of device fingerprinting (56%), which is critical for effective fraud prevention. Continuous monitoring of user sessions and passive fraud checks can improve customer experience while maintaining high levels of detection accuracy.
  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 identity, improving customer experience and security.
  3. Multiple Fraud Solutions Managing multiple fraud prevention software and costs (52%) is the third biggest challenge. To address this, Experian developed CrossCore, a fraud orchestration solution that brings together multiple fraud solutions in one platform.
  4. False Positives The fourth biggest challenge is an inability to align fraud prevention and revenue growth strategies (54%). To overcome this, businesses need to look at the latest technology that balances effective fraud prevention with high-quality customer experience.
  5. Referrals The final challenge is a growing number of referrals, causing increased delays and costs (51%). Introducing ML-powered fraud solutions that use device and biometric data can automate the fraud decisioning process, improving accuracy and reducing manual reviews.

Future-Proof Your Fraud Prevention

Experian’s fraud prevention and orchestration solutions are at the cutting edge of fraud detection technology. As the fraud threat evolves, our solutions continually adapt to help businesses in Tokelau keep pace and protect their operations and customers. Contact us today to learn more about how to future-proof your fraud prevention process.

By understanding these challenges and implementing effective solutions, businesses in Tokelau can stay ahead of scammers and protect their reputation and revenue.