Kaspersky today announces that Kaspersky Fraud Prevention has reduced
one company's fraud losses by as much as $3.4 million over three years,
according to a Total Economic Impact (TEI) study commissioned by Kaspersky and
delivered by Forrester Consulting in June 2020. Compounding the dramatic drop
in fraud losses, savings from a reduction in customer service interactions
amounted to $121,074, while a further $17,571 was also generated by eliminating
second tier authentication for verified customers. In addition to the monetary
savings, respondents also highly evaluated increased customer trust and
constant expert assistance.
The number of fraudulent cases has spiked across the
financial services industry, with more than half of organizations seeing
increases in both fraud
costs and volume. However, protection against malicious activity may harden
access to user accounts, and such solutions may implement more actions to
ensure that it is a legitimate client who tries to login. A balance is needed
to guarantee optimum security and minimize fraud, while simultaneously ensuring
minimal steps of authentication.
The extent of fraudulent activity targeting their peers has
forced one financial services company to rethink how they protect their own
assets as well as their customers. This organization had not previously adopted
a fraud prevention solution in the digital channel. Following a rigorous
selection process, they chose Kaspersky Fraud Prevention based on its ability
to provide a frictionless authentication method, while keeping up with the
ever-changing fraud landscape.
Forrester interviewed the company and revealed that
Kaspersky Fraud Prevention allowed the organization to offset the fraud threat.
Incorporating labor, investigation and external recovery expenses, fines and
legal fees, the total saved in reduced fraud losses were estimated at $3.4
million over three years.
Kaspersky Fraud Prevention's Advanced Authentication presented
the client with an ‘easy entrance' mechanism that enabled customers to
authenticate directly from their desktops, with the same level of security as
they would through communicating with the organization's call center.
Mitigating the expense of additional calls and enhancing customer service
interactions allowed for further savings of $121,000 over the aforementioned
three-year period.
Kaspersky's exposure to, and visibility of, the global
cybersecurity ecosystem helped the company stay protected from evolving fraud
schemes. With every new fraud method identified in the industry, a new
monitoring process is added to the existing solution.
The Forrester study also noted that the company achieved
stronger consumer trust thanks to the anti-fraud solution: "for consumers who
could have become victims of fraudsters and lost their financial assets,
knowing that their financial services provider took care of them helped build
trust and loyalty toward the company."
"Fraud is an evolving concern, so it's of huge comfort to
our clients and their customers that the solution being provided molds and
adapts according to real-time threats," comments Claire Hatcher, head of
business development at Kaspersky Fraud Prevention. "We are happy that our
clients can detect complex fraud and money laundering cases without affecting
their service productivity. This balance results in reputational benefits
through increased consumer trust and clear ROI."
"Today, we are successful in detecting fraud in our online
channel from the first signs, including anomalies in consumers' behavior or
logins, or malicious software installed on their devices," comments a
transaction security manager from the interviewed company.
More information about Kaspersky Fraud Prevention solutions
is available via the Kaspersky website.
Find out more about the Forrester Total Economic ImpactTM (TEI) study, and the
ROI that Kaspersky Fraud Prevention brings to customers, here.