| | 9CIOReviewDECEMBER 2021Companies should also consider moving away from passwords as the key to accessing their accounts. Given the volume of privacy breaches, customer passwords are frequently compromised and all too often, the same passwords are used in multiple places. 3. Cross-Channel Visibility/Orchestration As companies convert many customer interactions to digital channels and allow real-time self-servicing for customers, having an ecosystem that can manage a complex set of identity proofing, authentication and threat detection capabilities is essential to security and customer satisfaction. Orchestration can enable this.So, what is orchestration?Orchestration is a platform that integrates, consolidates, and manages user identities, authentication, fraud detection, and access controls.User attributesand threat detection signals are combined to authenticate legitimate customers in a low friction manner while simultaneously detecting suspicious activity in real-time and applying additional friction or terminating the session to mitigate the risk of fraud. Orchestration offers many other benefits, includingcross-channelvisibility of customer interactions, customizable customer experience based on user preferences, simplified architecture and streamlined integration process for new authentication capabilities, and reduced IT development and maintenance costs.4. Fraud/Behavioral Analytics Many fraud prevention programs take a linear, rules-based approach to preventing fraud (for example, A + B = Fraud). Instead, companies should consider investing in analytical capabilities that enables them to take a risk-based approach leveraging and weighting multiple corroboration and dissonance signalsto inform real-time decisions based on the risk present during any given interaction. This can lead to an increase in fraud identification, a reduction in false positive fraud alerts, and, ultimately, an improved customer experience.There are many other ways in which analytics can also be used to enhance a company's fraud prevention program that should be considered as well,such as analyzing the efficiency and efficacy of various vendor solutions (either as stand-alone or in concert with other solutions) and using predictive analytics to predict the likelihood individual transactions might be fraudulent. Unlike the fraud of the past, ATO fraud has the potential to do significant and rapid damage to customer experience, brand reputation and, ultimately, to the bottom line. The ability to build and maintain trust with customers, to be there for them in their time of need, is central to the insurance industry. It is imperative that each company develop a fraud prevention strategy and implement a suite of solutions that are designed to deliver on that promise.So, what are the right solutions for you? Unfortunately, there is no one answer to that question. It will vary company by company. Fraud leaders should assess their company's long-term servicing strategy as well as understand their fraud risks and their fraud risk tolerance to determine the approach that is right for them.But one thing is clear.Doing nothing is not an option. Unlike the fraud of the past, ATO fraud has the potential to do significant and rapid damage to customer experience, brand reputation and, ultimately, to the bottom lineMelissa Glynn
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