"A real understanding of consumers is critical for success," Platt noted. "We're talking about the convergence of business growth and fraud prevention, and we're pleased to provide the first report in the marketplace covering this topic."

The report identified five trends that businesses should assess and take action on to mitigate fraud and improve the customer experience in today's fast-paced, consumer-centric environment:

1. Applying right-sized fraud solutions reduces unnecessary customer disruption. The report said it is time to move on from a one-size-fits-all approach that creates more customer friction than necessary. "Instead, companies should apply fraud solutions that reflect the value and level of confidence needed for each transaction," it said.

2. Having a universal view of the consumer is the core of modern fraud mitigation and marketing. Achieving a universal profile of consumer behavior, beyond the traditional 360-degree view, requires access to a combination of identity data, device intelligence, online behavior, biometrics, historical transactions and more. Companies that translate this knowledge and use it to identify consumers can distinguish a fraudster from a real customer more easily.

3. Expanding the organization's view through a blended ecosystem. Companies need to participate in a blended ecosystem, working across businesses and even industries. Fraudsters have access to more data, including data traditionally used to verify identities, and they use that data to create an entire digital profile. The report said businesses can no longer get to the digital interaction data by managing the process in a siloed manner. Achieving an expansive view of the universal consumer requires multiple data sources working together.

4. Achieving agility and scale using service-based models. More companies are choosing subscription-based systems rather than building them in-house or implementing on premise solutions. Continuous upgrades and the access to new risk logic that comes with subscription models provides more agility and faster responses to emerging threats, no matter how fast your volume grows or what products, channels or geographies you pursue.

5. Future-proofing fraud solution choices. Companies need access to a wide variety of traditional and emerging technologies and information sources to fill in knowledge gaps and blind spots where fraudsters try to hide. The ability to modify strategies quickly and catch fraud faster while improving the customer experience is a critical aspect of fraud prevention moving forward.

Join us in Dallas at the new Credit Union Times Fraud: Don't Let It Happen To Your Credit Union Conference, where you will find the latest tools and techniques for preventing fraud and data breaches; strategies for responding in the immediate aftermath and best practices for restoring reputation, financial stability and information security. This two-day conference is designed for credit union executives, board of directors and those responsible for your credit unions cyber security policy. Register to attend and save $150.