Fighting and preventing fraud is no easy task in today’s faceless environment. Between shopping
online and banking
on mobile devices, consumers rarely need to appear in person to make
transactions. New technology has made the security landscape faceless, and in turn made identity theft and fraud much easier.
As businesses move into the cyber and mobile space, many quickly learn that preventing fraud
is much more difficult than expected. Companies often turn to software and third party vendors to help
aid in the fight against crime. Often times businesses overlook their greatest ally of
all, their consumers. In a recent survey conducted by ACI Worldwide, results
shows that consumers are willing and want to help fight
against fraud. Many consumers want to be notified immediately and often if
and when fraudulent activity arises. Whether its via email or text message,
consumers want to take the detective measures into their own hands to help
protect themselves.
Fifty-six percent of cardholders who have experienced fraud
have admitted to moving away from using that card for future payments. This
shows that one fraudulent case can turn away over half of business. This is
where preventative
identity fraud measures come into play. Where many systems will notify the
user if their account has been already be hacked (when its too late),
preventative measures can notify businesses and consumers when there is
suspicious activity. Fraud prevention
measures such as identity
verification and authentication can help catch fraud before its too late.
Using knowledge base authentication measures can show results of questions that
have been answered incorrectly and detect possible thieves accessing an
account. As businesses advance their product offering they also need to update
their security measures to help detect and protect their consumers. Not only
will they appreciate the extra effort, but they want to help fight against
fraud as well.
[Contributed by EVS Marketing]
