Poor availability of data could be impacting the effectiveness of fraud prevention in EMEA
LONDON, 8-9-2015 — /EuropaWire/ — More than two thirds of organisations across Europe, the Middle East and Africa have cited the availability of data as a key barrier to managing fraud.
Availability of data that could play a vital role in combatting fraud over the next five years is poor, according to 69 per cent of telecoms and financial services providers in EMEA. While 10 per cent have said it is adequate.
Only 21 per cent of organisations have rated the availability of data to manage fraud over the next five years as excellent. Crucially, only 59 per cent have admitted that the data they have is usable.
This is according to Experian’s Decisioning Vision 2020 (DV2020) EMEA report, which analysed the responses of 255 key decision makers from 195 telecoms and financial services organisations in eight regions across EMEA.
Charles Butterworth, Managing Director, Experian, EMEA, said: “Fraud is a major challenge for all organisations across borders, and data plays a vital role when it comes to the prevention of that fraud. We are hearing that the quality and usability of data to manage fraud is less than optimal, meaning the speed, accuracy and consistency of decisions are being compromised.”
When it comes to the quality of the data that is available, Experian’s report found a more positive picture. Almost two in five (39 per cent) believe the quality is excellent and nearly one in two (48 per cent) say it is adequate.
However, 57 per cent feel that the tools using this data to help them make their decisions are less than optimal. Furthermore, fraud integration across internal systems ranks as the top challenge for organisations in the next five years, as recognised by 78 per cent.
As a result of these issues, nearly half of the telecom and financial services organisations surveyed expect the speed, accuracy and consistency of decisions related to fraud to continue to be poor over the next five years.
Charles Butterworth, Managing Director, Experian, EMEA, said: “Preventing fraud is becoming more complex, so protecting customers, as well as the business, is a major challenge. But organisations can take steps to gain control in this dynamic environment, starting with attaining more data sources and re-assessing the tools being used to help them make decisions.”
Experian encourages organisations to achieve the ultimate customer experience by focusing on five key areas:
- Attain multiple and new sources of data
- Achieve a holistic view of customers
- Provide real-time, consistent and pre-qualified decisions
- Use multi-channel automation across all customer touch points
- Embrace advanced analytics across the entire organisation
Organisations can read the full EMEA report and also use Experian’s interactive tool to find out if they are ready for 2020, by visiting www.decisioningvision.com. Join in the conversation on Twitter #dv2020.
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Note to editors:
Experian’s Decisioning Vision 2020 report summarises the data extracted from responses to a survey of 255 decision makers from telecom and finance sectors from eight regions in EMEA during October and November 2014.
We are the leading global information services company, providing data and analytical tools to our clients around the world. We help businesses to manage credit risk, prevent fraud, target marketing offers and automate decision making. We also help people to check their credit report and credit score, and protect against identity theft. In 2015, we were named by Forbes magazine as one of the ‘World’s Most Innovative Companies’.
We employ approximately 17,000 people in 38 countries and our corporate headquarters are in Dublin, Ireland, with operational headquarters in Nottingham, UK; California, US; and São Paulo, Brazil.
Experian plc is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 index. Total revenue for the year ended March 31, 2015, was US$4.8 billion.