Fraud Detection and Prevention Biggest Challenge Facing Businesses in EMEA

Fraud detection and prevention has been cited as one of the biggest fraud challenges faced today and in the near future in a poll of delegates who attended Experian’s recent Future of Fraud and Identity event.  Nearly a third (31%) believe this to be the case.

Online fraud (22%), fraud data sharing and collaboration (19%) and identity fraud (15%) also featured highly as issues to be tackled over the coming years by delegates from more than 68 organisations in the telecom, finance, insurance and e-commerce sectors across EMEA, who gathered at the event in Madrid last month. 

The event was held as part of Experian’s Global Fraud and Identity Conference series and was designed to help organisations mount a stronger defence against the growing threat of fraud.

More than 100 delegates from 68 organisations attended the event which gave them the opportunity to have an exclusive and interactive conversation with Ori Eisen, founder of 41st Parameter (now part of Experian), and Frank Abagnale, author, lecturer and consultant, and one of the world’s foremost authorities on financial crime and fraud. Frank also captivated delegates with his life story, the inspiration behind the movie, book, and Broadway musical ‘Catch Me If You Can’.

Highlights from the conference included:

  • Notorious hacker and cyber-security expert, Chema Alonso, providing a hacker’s perspective;
  • A representative from the Ministry of the Interior, Government of Spain, discussing cyber-security challenges in Spain;
  • José Rodriguez, Chief Inspector, Financial Fraud Section, National Police Corps of Spain, talking about fighting the globalisation of cybercrime;
  • Ori Eisen, founder of 41st Parameter revealing how technology can be used to address major trends in cyber-security.
  • Charles Butterworth, Managing Director, Experian, on Experian’s fraud and identity strategic roadmap;
  • Daniel Zelenski, Managing Director, New Market Development, Experian, EMEA, on Experian’s National Fraud Prevention Scheme, and how businesses can work together to tackle fraud;
  • Chris Thomas, Director of Fraud Sales, EMEA, Experian, who led an industry panel discussion on digital evolution and the impact of fraud on the business models across multiple business sectors.

Speaking at the Future of Fraud and Identity event in Spain, Charles Butterworth, Managing Director, Experian, EMEA, said: “It was a great opportunity to be able to bring together so many leading organisations in EMEA to discuss the pressing global issue of fraud, and to gain a real understanding of the fraud challenges facing all industry sectors. Today’s tough economic climate is driving a surge in first party fraud for many organisations, whilst identity theft, the sophistication of fraudsters and cybercrime are also on the increase. Experian offers a range of fraud and identity products and services and we work closely with clients to take a strategic approach to fraud risk management and develop a multi-layered strategy that is commensurate with risk and value throughout the business.”