Account fraud and cyber crime in the retail industry
The major problem we are currently seeing in retail is security friction. As companies try to secure their public apps with 2FA and different security measures, it tends to create abandonment during login due to interfering with the user experience. Users are getting frustrated at step-up authentication and difficult new registration processes, as it takes too much time or the communication is too complicated.
Although the security measures mentioned are meant to protect customers, they often have the opposite effect, with the real issue being the cyber criminals. They abuse and defraud customers by account takeovers. When a cyber criminal has taken over an account, he steals and uses stored payment details. Fraudsters are also increasingly targeting loyalty programmes, where points, rewards or actual money are stolen.
Account fraud and payment fraud in retail
Even though payment fraud in retail is not a new thing, the leak of payment details can lead to a negative brand reputation due to underprotected digital interaction. Customers no longer want to spend money on a website or an application, where they have a history of their details being stolen.
The costs of implementing a digital identity trust solution often keep retailers from investing in these preventive solutions, but with ReTrust, the costs of implementation will no longer be a challenge. We are offering the intelligence of IBM Trusteer in a cost-efficient as-a-Service model, where all you need to do is let us take care of creating and maintaining digital trust. Built on IBM Trusteer, our software combines device intelligence, analytics, browser intelligence, passive biometrics and threat intelligence to let true users through to the services they need, and detects fraudsters.
With ReTrust, you can reduce digital fraud, account fraud and keep your customers happy and safe by giving them a frictionless user experience. Read more about how ReTrust can help create digital trust and how it works in practice, or send us an email. We are ready to help Monday through Friday 9 a.m.-5 p.m. CET.
ReTrust is powered by IBM and delivered by any.cloud
any.cloud is a Danish multi cloud service provider, and we have been in the IT industry since 1998, supplying customers all over the world with IT, security and cloud services.