Experian addresses fraud and cybersecurity challenges as risks mount for banks, retailers and public sector

COSTA MESA, Calif., Oct. 13, 2014 /PRNewswire/ -- Identity and fraud concerns are a pressing global issue for many industries, including financial services, public sector and retailers. With the rise in security and data breaches, many organizations across the United States are particularly challenged, due to the growth of malware viruses, mobile-payment advancements and the need to authenticate online and mobile consumers better.

To help business leaders address these rising fraud and identity issues, Experian^® is hosting the Future of Fraud and Identity event on Oct. 21 in New York City, N.Y. The event will feature:

• Ori Eisen, Experian fraud expert and founder of 41st Parameter, highlighting the current trends in cybersecurity and how technology can combat these major threats
• Frank Abagnale, of Catch Me If You Can fame and respected authority on financial crime and fraud, sharing his personal story highlighting his work with numerous financial institutions over the past 38 years
• Charles Chung, president of Experian Decision Analytics, a global leader in fraud and identity products, opening the event
• Jon Jones, senior vice president of fraud and identity for Experian Decision Analytics, presenting Experian's strategic view on identity risk management

Many organizations are trying to address fraud risks while adapting to the changing habits of customers. One example of this is the acceptance of new mobile-payment options that are driving a transformation of the payments ecosystem. Current mobile-fraud trends include the use of increasingly sophisticated malware as attackers capitalize on banks and retailers providing these new service offerings to consumers via mobile devices.

"Gaining control in this dynamic fraud environment is a major challenge for businesses as the Internet and mobile technologies were not designed with fraud in mind. Consumers accessing their financial or personal data at any time is a key fraud risk today, further enabling criminal activity," said Eisen. "As companies invest to meet customer expectations and ensure that payments are secure and reliable, we see an urgent need for proactive next-generation security measures with fraud detection and intelligent device identification for corporate accounts and online transactions."

In 2013, identity theft affected more than 13 million U.S. consumers and accounted for more than $18 billion in losses. As technologies evolve and information security tightens, the savvy nature of fraudsters becomes more sophisticated. As a result, fraud management needs to evolve and include both offline and online fraud strategies to provide a panoramic view of the customer. In order to achieve this, authentication processes need to become seamless and straightforward to allow both the consumer and the business to feel confident in the authentication process while creating a positive customer experience.

"Serious risks are emerging for consumers and businesses as fraudsters identify new targets to attack. The monetary cost of fraud losses can be high, but the impact a loss or breach can have on customer relationships and brand integrity can be even higher," said Chung. "Combining comprehensive authentication processes with proportionate measures to monitor user activities and protect consumer data throughout the life cycle is a competitive requirement in today's market."

The Future of Fraud and Identity event will take place on Oct. 21 in New York City, from 7:30 a.m. to noon at the Helen Mills Event Space at 137 West 26th Street. To request an invitation please visit: http://info.the41st.com/the-future-of-fraud.

About 41st Parameter
In a world where people are increasingly reliant on a variety of Internet-connected devices for everything from banking to shopping to entertainment and media, creating relevant customer experiences and preventing online fraud are constant business challenges. 41st Parameter, a part of Experian, is the global leader in device recognition and intelligence, using patented technologies and years of expertise to identify devices without cookies, without compromising privacy and without impacting performance. FraudNet combines device intelligence with risk analysis to detect and prevent online fraud before it happens. AdTruth, the digital media division, gives marketers a better way to recognize and reach their most valuable audiences across all types of devices. The TrustInsight® Network enables online merchants to increase sales by approving more trusted transactions. These privacy-compliant services help keep the Internet more secure and relevant for everyone.

About Experian
Experian is the leading global information services company, providing data and analytical tools to clients around the world. The Group helps businesses to manage credit risk, prevent fraud, target marketing offers and automate decision making. Experian also helps individuals to check their credit report and credit score, and protect against identity theft.

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, 2014, was US$4.8 billion. Experian employs approximately 16,000 people in 39 countries and has its corporate headquarters in Dublin, Ireland, with operational headquarters in Nottingham, UK; California, US; and São Paulo, Brazil.

For more information, visit http://www.experianplc.com.

Experian and the Experian marks used herein are trademarks or registered trademarks of Experian Information Solutions, Inc. Other product and company names mentioned herein are the property of their respective owners.

Contact:

Matt Tatham
Experian Public Relations
1 212 380 2939
[email protected]

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SOURCE Experian

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