COSTA MESA, Calif., May 16, 2018 — Experian® announced it has been recognized as the most often used vendor for identity verification in a survey of network security decision makers published in Forrester’s March, 2018 “Top Trends Shaping Identity Verification (IDV) in 2018” report.
“We live in a digital world where it’s common to use multiple online identities,” said Donna DePasquale, Experian’s Senior Vice President of Global Marketing and interim Global Head of Fraud & Identity. “With the lack of face-to-face interaction online, the ability to recognize legitimate customers is even more important. Fortunately, we have the data and technology to help businesses better identify their customers, make more informed fraud decisions and balance the customer experience.”
The report, which discusses the importance of easy-to-use identity verification tools, reveals the top trends shaping identity verification in 2018. Two of the trends mentioned in the report include: poor identity verification continues to have serious consequences beyond transactions, and behavioral biometrics shows its strength with identity verification.
Both of these trends are supported by findings from Experian’s Global Fraud and Identity Report, which was released earlier this year. The research shows businesses need to better identify their customers to help combat online fraud. In fact, 84 percent of businesses surveyed say the need for fraud risk mitigation could be reduced if they were certain about customers’ identity. In addition, 75 percent of businesses expressed interest in more advanced security measures and authentication that have no impact on the digital customer experience.
The Forrester report states that its interviewees indicate that no single source of information is sufficient to establish a 360-degree view of any given customer. The Forrester report also suggests that companies inventory and then revise their existing [identity verification] portfolio to ensure all their bases are covered. The report states “After it failed to detect money laundering early enough, a North American bank expanded its existing [identity verification] services based on credit header data to include Experian’s identity verification services based on device ID reputation — resulting in a 15% higher identity theft detection rate.”
A complimentary copy of the March 2018 Forrester report by analyst Andras Cser and Merritt Maxim is now available.
The Forrester Data Global Business Technographics® Security Survey, 2017 was fielded between May and June of 2017. This online survey included 3,752 respondents in Australia, Brazil, Canada, China, France, Germany, India, New Zealand, the UK, and the US from companies with two or more employees. Of 1,097 network security decision makers (20+ employees) responding to the question, 25% use Experian for identity verification, more than any other vendor.
Experian offers identity verification capabilities specifically designed to deliver comprehensive online fraud management that can be deployed quickly so companies can better identify the fraudsters and stop fraud attacks before they happen. All of fraud and identity services are available through the Experian CrossCore platform, the industry’s first open platform for fraud and identity services.
Learn more about Experian’s Fraud and Identity business.