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46% of businesses in India have seen an increase in fraud during the pandemic

With accelerated digitisation, frauds and online financial attacks in India are growing exponentially. Data from Experian’s Global Insights Report (January/February 2021), shows that 46% of businesses in India have seen an increase in fraud.

With the advent of e-commerce, digital fraud has been a huge challenge for businesses. Despite the growing risk of fraud, 40% of Indian businesses indicate that they are placing more emphasis on revenue generation rather than fraud detection, which can lead to increase in losses and a decline in customer confidence. Considering that 56% of consumers in India cite online privacy as a significant concern, it is imperative for businesses to take robust actions to safeguard themselves and their customers against potential digital risks.

While 90% of businesses in India say they have implemented strategies related to recognising their customers across their various platforms – the highest among all regions surveyed in the global report – only 18% of organisations surveyed in India are confident in preventing new types of fraud.

To counter the rising threat of fraud, Experian – the world’s leading global information services company – has upgraded and enhanced one of its flagship products, CrossCore. The enhanced version of CrossCore cuts complexity, increases efficiency and helps businesses to quickly respond to today’s emerging fraud threats.

Experian’s CrossCore is the first identity and fraud platform that empowers businesses to connect, access, and orchestrate decisions across multiple solutions seamlessly. This new version features a cloud architecture, progressive risk assessments, faster response times, self-service workflows, and various reporting dashboards. These features allow businesses to manage checks required for every application and transaction, analyse key performance indicators in near real-time, and detect fraud quickly – without impacting the customer experience.

With CrossCore, businesses can look forward to the following benefits:

  • All-in-one, faster, frictionless solution – a one-point solution for identity and document verification, video KYC, fraud detection and more for faster business decisions.
  • Advanced technologies for identity verification and fraud prevention – identifying customers through advanced machine learning, artificial intelligence, device intelligence, behavioural biometrics and Experian’s fraud consortium, Hunter.
  • Faster decisions for superior customer experience – making real-time fraud prevention decisions and providing superior customer experience.
  • Improved business metrics – decreasing manual review costs and fraud losses.

 Neeraj Dhawan, Managing Director, Experian India, said: “The pandemic has resulted in a behavioural shift in adopting digital mediums as the primary operational channel. This shift has intensified concerns over cyber threats and new kinds of frauds. Experian’s enhanced CrossCore presents an opportunity for businesses to put consumers at the heart of the relationship. CrossCore connects disparate fraud systems with an open platform, delivering both visibility and agility. With the latest version of CrossCore, Experian empowers businesses by consolidating numerous fraud risk signals into a single, holistic assessment, enabling them to improve operational processes, stay ahead of fraudsters, and protect their customers.”

Steve Griffiths, Managing Director, Decision Analytics, Experian Asia Pacific, said: “India has now become one of the largest and fastest-growing technology markets in this world. Businesses need to build a digital infrastructure that is agile and adaptive to these changing dynamics. While 90% of businesses in India say they have implemented strategies related to recognising their customers across their various platforms, without a focus on fraud prevention, they remain prone to losses in the long-term. Businesses who put all their money into the digital experience at the expense of fraud prevention will be targeted by fraudsters, who have sophisticated ways of identifying weaker online platforms and targeting them. The enhanced version of CrossCore provides businesses a strong mechanism to combat evolving fraud threats in real-time.”

The new version of CrossCore has enhanced capabilities to deal with Account Takeover Fraud, as well as Account Opening frauds, along with supporting fraud data sharing for a range of different fraud indicators.