Vietnam
Vietnam Vietnam
Consumers encountered most fraud incidents in retail and telco during the past 12 months
  • 55%
    TELCO
  • 54.5%
    RETAIL
  • 32.8%
    TELCO
  • 35.2%
    RETAIL
  • 55% and 54.5% have experienced fraud at least once in retail and telco, respectively, compared to 32.8% and 35.2% on average
  • Impact: Overall anti-fraud capabilities need improvement
Thailand
Thailand Thailand
Most Thai consumers believe speed and resolution are severely lacking (response/ detection speed toward fraud incidents)
AP Average
  • 60.5% think it is most important, compared to 47.7% on average
  • Impact: Response time as one of key factors to fraud management to retain customers and gain their trust
India
India India as standalone
Consumers have the largest number of shopping app accounts in the region
India
  • Average of three accounts per person
  • Impact: Highest exposure to online fraud
China
China China
Consumers are the most tolerant toward submitting and sharing of personal data
AP Average
  • 46.6% compared to the AP average of 27.5% are accepting of sharing personal data of existing accounts with other business entities
  • Impact: higher exposure of data privacy and risk of fraud
New Zealand
New Zealand New Zealand
Consumers make most of their payments by internet banking
  • 74%
    BFSI
  • 70.5%
    TELCO
  • 54.5%
    RETAIL
  • 46.5%
    BFSI
  • 39.6%
    TELCO
  • 40.7%
    RETAIL
  • A higher percentage make payments via internet banking to banks and insurance companies, telcos, and retailers, respectively, compared to the regional average
  • Impact: Anti-fraud capabilities critical to the increased digital transaction frequency and customers’ trust in banks
Australia
Australia Australia
Consumers are most satisfied with the post-fraud service of banks and insurances companies
  • More than 70% satisfaction rate compared to 59.7% on average
  • Impact: Increased trust in BFSIs
Indonesia
Indonesia Indonesia
Consumers that encountered most fraud incidents in the past 12 months
49%
34.7%

AP Average

  • 49.8% have experienced fraud at least once compared to 34.7% on average
  • Impact: Overall anti-fraud capabilities need improvement
Singapore
Singapore Singapore
Consumers have the highest trust towards government
AP Average
  • 75.5% choose government agencies, compared with 51.7% on average
  • Impact: Trust of personal data protection is centered around government agencies
Hong Kong
Hong Kong Hong Kong
The least percentage of consumers with high satisfaction level toward banks and insurance companies’ fraud management
AP Average
  • Only 9.7% are most satisfied compared to 21.1% on average
  • Impact: effective response towards fraud incidents to be improved
alert
Japan Japan as standalone
Consumers most cautious on digital accounts and transactions
50.7% Actively maintain digital accounts’ validity
27% AP Average
45.5% Do not do online bank transfers
13.5% AP Average
  • More than 70% did not encounter fraud incidents in past 12 months, compared to 50% on average
  • Impact: Relatively low risk of fraud

Case study: The integration of Hunter into the core of African Bank’s unsecured lending business resulted in significant improvements in fraud risk detection & prevention ability

Case study: The integration of Hunter into the core of African Bank’s unsecured lending business resulted in significant improvements in fraud risk detection & prevention ability

 

About Africa Bank

 

South Africa-based African Bank offers retail finance to thousands of consumers in the shape of loans, investments and insurance products. It has a strong online presence, a sizeable social media following, as well as an established national branch network.

 

The challenge

 

Given the vast regional spread of African Bank's online customers, it wanted to ensure their identities could be quickly & efficiently verified which would result in near-instant access to the company's online banking platform, while seamlessly ensuring they were safeguarded from potential fraud and threats from the outset. The bank also wanted a platform that could be easily integrated into its existing back-office systems with minimal disruption to its customers.

 

The solution

 

African Bank opted for Experian’s Hunter system, part of the CrossCore suite of anti-fraud platforms, due to its flexibility, adaptability and proven performance via the sharing of real-time fraud data.

 

Tinus Erasmus, Implementing African Bank's Transactional Fraud Risk Management Framework, said the company was determined to detect & prevent fraud at the earliest point of compromise to ensure a secure online platform for all customers.

 

He added, pertaining to the latest Experian product acquired - FraudNet: "It is important for us as African Bank to have the capability to positively and negatively associate devices, used to interact with the respective online platforms, to customer profiles and share the collated data sets with all participating NFPS members. Thus enabling a more comprehensive & effective FRM solution. There is no such thing as fraud intellectual property. Fraud Risk management must be a collaborative market effort by all participating members.

 

Experian provided technical support throughout the integration process along with ongoing follow-up analysis to ensure the bank consistently stayed one step ahead of the fraudsters.

 

Results

 

African Bank is happy to report that post implementation results unveiled an immediate decline in Fraud losses, significant improvements in our application Fraud detection & prevention ratios & consistent yearly ROI results exceeding initial project benchmarks by some margin.

 

Tinus Erasmus adds: “Experian present themselves as a global market leader in FRM housing invaluable fraud data sets. Once you start dealing with them, you get to understand and know the individuals, the fraud consultants, the managers and the execs. On all levels they are passionate about fraud risk detection and prevention which is a real fresh perspective when it comes to collaborative fraud prevention in the industry.

 

"African Bank embarked on a journey to acquire an advanced Fraud Risk Management application that could complement our FRM Strategy short and long term. We were also adamant to partner with a service provider that shared the burning passion to advance the Collaborative fraud prevention efforts. Finding advanced FRM applications that featured real-time cross-company collaboration accompanied by extensive, rich data sets was unheard of. And then there was one – HUNTER.”

 

——Tinus Erasmus, Risk and Integration Officer at African Bank

 

Read full article

Experian

By Experian 11/14/2019

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