Fraud prevention for businesses
The consequences of digital fraud
Why are we talking more and more about fraud prevention, and is it even necessary? Judging from the rise in the statistics for cybercrime, it is said (and has been for a few years now) that you are more likely to be a victim of digital fraud than any other criminal offence. This stresses the fact that we need to be even more proactive than we’ve been before.
We have also discussed the responsibility and where it lies to understand the extent of cybercrime and who is affected by it. Because it looks like it’s affecting not just a user/customer who is defrauded, which is bad enough, but companies end up with several losses in the cybercrime world of today.
Let’s say your business has a loyalty programme, and one of your customers is robbed of their points. The only thing a business can do is to offer a compensation. Here, the company has its first loss, having to reward points twice: Once to the true customer and once again to the fraudster. Moreover, there is also a loss of credibility, which starts inside the customer’s mind with thoughts like: ‘Can I really trust this company with my money, personal information and loyalty points?’ And that’s loss no. 2: The loss of credibility. And even though this may only happen to one customer, everyone knows the impact of social proof/word-of-mouth – ‘Would you recommend this company/their services?’ – tic the ‘No’ box. To add insult to injury, the company might even lose the customer, which will then lead to loss of revenue – making this a vicious circle, which we need to avoid, so we can stop it from running and thereby ruining the revenue, brand and credibility of your business.
The need for fraud prevention cannot be put off. This is why we have transformed IBM Trusteer into an as-a-Service model, so you and your business can avoid this vicious circle. We have joined forces with the 400 security analysts who are constantly making sure that digital threats and digital fraud are kept to a minimum, and customer experience is brought to a frictionless level. Will you put your trust in us?
Is your business in need of a fraud prevention service provider? Book a free demo here, and let us help you maintain a trustworthy website/application and keep your customers happy with a new frictionless experience.