Detect, protect, perfect: Eight steps to supercharge your fraud detection techniques

Across industries, financial crimes investigators—even those packing an arsenal of fraud detection techniques—have plenty to keep them awake at night. According to Javelin Strategy & Research’s report, “2017 Identity Fraud: Securing the Connected Life:”

  • Identity fraud hit a record high in 2016 with 15.4 million victims in the U.S.
  • From 2015 to 2016, card-not-present fraud rose 40 percent, and account takeover was up 31 percent.
  • As EMV chip cards have curtailed credit card fraud, fraudsters have turned to more online fraud

No organization wants to make headlines over fraud losses or data breaches, whether it involves monetary or personal information. The reputational hit can sometimes be even more damaging than the direct dollar loss, which is painful enough. The top 10 fraud types alone accounted for $181 billion in losses in 2016.


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