Are your customers victims of account takeover fraud?

Published by Benjamin Elveng on

When typing ‘account takeover fraud’ in your preferred search engine, are you also overwhelmed by the many websites along the lines of ‘How to get your money back’ and ‘What to do if you are a victim’?

The rise in digital fraud places demands and expectations on the users, which they cannot live up to. In return, companies are trying to educate their users on issues like account takeover fraud. And while that’s a very nice thought, it does not really work in practice. Whose responsibility is it really? Is it the customers, who are fully responsible for protecting themselves against fraud? Or is it the companies who have the responsibility for creating a safe digital platform, where fraud is not even an issue for their customers? 

We are urging companies to take responsibility for their online platforms, so they don’t have customers who are exposed to online criminal activity. Digital fraud will lower your NPS, and if it happens enough to your customers, it will set back your brand and, as a result, your revenue.

Once it rains, it POURS
  • When your site has been hit once, it will probably be hit again. Account takeover fraud is done by cyber criminals who look for weak spots in your company or your collective users and they will strike again.
Two wrongs don’t make a RIGHT
  • Thinking that your customers are the ones that will have to take these weak spots into account is not the road ahead. You can’t educate your entire customer segment on how they use your site responsibly. 
  • To continue the train of thought from above, you have to take responsibility. You must take action on behalf of your customers, as you have the right foundation to act from. Securing your system, so everyone can use it gracefully sounds nice, right?
Haste makes WASTE
  • But whatever you do, don’t rush it. Find out what pitfalls your website has, and where your customers are hit, and decide on your countermeasures based on that data. You can buy endless numbers of security tools, but it might be money out the window, as the trouble may not only be caused by account takeover fraud, but by remote access trojans too.

You should start today. Take responsibility now! Do it for the sake of your company and for your loyal customer base. ReTrust has made it easy for you, as we handle the complexity of digital trust and make sure you live up to your digital reputation. Contact us now.

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