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Experian’s 2024 Global Identity & Fraud Report Spotlights Huge Growth in Highly Personalized GenAI-Driven Fraud Attacks
Experian announced its 2024 Global Identity & Fraud Report that provides a comprehensive view of the consumer and business response to the latest fraud patterns and fraud‑mitigation strategies in the worldwide financial services sector. The report offers combined insights from more than 1,000 businesses and fraud leaders globally, as well as 4,000 consumers, focusing on fraud management and the digital experience.
Among its key insights, the report casts a bright spotlight on three factors driving the fast-evolving fraud landscape: the huge growth in Generative Artificial Intelligence (GenAI) technologies, changing government regulations, and the push among businesses to provide consumers with secure and convenient digital experiences. In response to these factors, the report’s findings revealed that businesses intend to increase fraud budgets driven by investments in AI and machine learning technologies.
“Unlike other issues facing financial services companies, fraud operates beyond geographical boundaries or regulatory frameworks, and fraudsters often attack different points across the consumer journey,” said Greg Wright, Executive Vice President of Identity and Fraud at Experian. “This unfortunate reality compels businesses to leverage advanced analytics, alternative data insights, data sharing, and a multi-layered approach to combat evolving fraud threats globally.”
On the consumer side, report data indicates that striking the right balance between fraud protection and a positive customer experience is critically important, due to the high percentage of global consumers who stated that they have moved their business elsewhere due to a poor account opening or slow transactional experience.
These findings underscore that businesses worldwide face the same challenge: authenticating customers requires balancing security with a seamless customer experience to prevent them from abandoning an application or purchase process. The solution is to leverage analytics and orchestrate fraud-prevention routines for a 360‑degree view of customers, mitigating fraud and offering a seamless customer experience.
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Lumin Digital Unveils Lumin Solaire, an AI-Native Intelligence Layer Embedded In Its Compounding Growth Platform
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Sturgis Bank Partners with MANTL to Transform Business and Retail Account Opening Across All Banking Channel
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Apex Group Provides Transfer Agency Services in Support of the Launch of Fidelity International’s First Tokenised Product
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Spendflo Launches Flo AI: An Autonomous Procurement Workforce for Mid-Market Companies
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Nuvo and Avalara Launch AI Integration to Eliminate Tax Compliance Gaps and Accelerate B2B Customer Onboarding
Nuvo Technologies, the AI-native customer-to-cash platform, today announced an integration with Avalara, the agentic AI leader in global tax and compliance. The integration connects Nuvo’s AI-powered onboarding with Avalara’s exemption certificate management and real-time tax calculation capabilities—enabling B2B suppliers to handle credit applications and tax compliance in a single, unified experience. The result is a single workflow where suppliers can approve customers and ensure tax compliance at the same time.
Lumin Digital Unveils Lumin Solaire, an AI-Native Intelligence Layer Embedded In Its Compounding Growth Platform
Lumin Digital, the Compounding Growth Platform for banks and credit unions, today unveiled Lumin Solaire, an AI-native intelligence layer embedded across its platform. The announcement was made at Lumination, the company’s annual client conference, where Lumin is showcasing its platform strategy and product roadmap.
Sturgis Bank Partners with MANTL to Transform Business and Retail Account Opening Across All Banking Channel
Alkami Technology, Inc. (Nasdaq: ALKT) ("Alkami"), a digital sales and service platform provider for financial institutions in the U.S., today announced a new partnership between MANTL, an Alkami solution team and leading provider of loan and deposit account opening technology, and Sturgis Bank, a community bank serving Michigan through 16 branches, to transform its account opening experience for business and retail customers. Through this partnership, Sturgis Bank will modernize onboarding across all physical and digital banking channels, reinforcing its commitment to delivering a seamless, efficient, and customer-centric experience while expanding accessibility and accelerating digital growth.
Redbridge: Visa’s Commercial Enhanced Data Program (CEDP) – What Merchants Are Really Facing
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TSAM London: FE fundinfo on Mastering Data and Unifying Operations in Asset Management
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Reap and TerraPay Partner to Expand Local Payout Corridors Globally
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Digital Assets Clearing Center Secures US$10 Million Funding for International Market Infrastructure
Digital Asset Clearing Center (DACC.HK), a next-generation financial market infrastructure for the tokenized economy, today announced US$10 million in funding from strategic partners including Conflux, Transaction Technologies Limited (“TTL”) and Global InfoTech. Traditional bank transfers continue to dominate the US$214 trillion cross-border payments market, but tokenized finance offers an alternative to slow settlement cycles, high transaction costs, fragmented data systems and regulatory barriers. Digital Asset Clearing Service offers seamless connections to the world's leading payment systems including Cross-Border Interbank Payment System (CIPS), blockchain networks and compliance infrastructure delivering end-to-end Clearing-as-a-Service (CaaS) for financial institutions.