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"Fraud Forum 2004," an annual event organized by Experian here, addressed rising fraud losses and identity theft and introduced methods on how to detect and stop "increasingly sophisticated fraud schemes."
According to Experian, numerous reports from risk analysts and a 2003 report from the Federal Trade Commission confirm that "even though the actual numbers and classification of identity theft may be debated," fraud-related loss is currently quantified in the billions of dollars. And identity theft remains "the main area of concern" for customers and financial institutions alike.
The "Fraud Forum 2004" conference was designed for the expanded financial services industry, and more specifically mortgage companies, credit card issuers, banks, credit unions, auto lenders, brokerages, online retailers, and other credit providers who need to reduce fraudulent practices.
Its stated mission was to bring together fraud experts who can shape an industry approach that can "break through conventional thinking about fraud and share practical strategies and solutions that really work." Experian said that experts find the industry at a point where it either must be "more ...