Consumers Willing to Help with Fraud Prevention

  • Fraud Prevention

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]