With the changes in the digital world that are taking place every day, inevitably comes the increased risk of online fraud from occurring. Can this be prevented, and how?
It is becoming apparent that fraud losses within the financial services industry are increasing year on year, with unauthorised financial fraud increased by 16% from 2017 to 2018, totalling losses of a staggering £844.8 million.
Alongside the rise of card and online payments inevitably comes the greater risk of payment fraud – whether this be through stolen credit cards or impersonation fraud.
But how can we reduce the risk of fraud to maximise revenue for businesses?
Online fraud losses also increased in 2018, by a huge 24%, coming to a total of £506.4 million. According to a report by UK Finance, the fraud has taken place when card details have been obtained by third-party data breaches such as scamming emails – businesses should be taking measures to ensure that the individual inputting card details is truly the card owner.
As mentioned previously (here), in a survey carried out by Experian, it was found that 42% of Millennials would carry out more online transactions if there weren’t so many security hurdles to overcome. However, what these consumers don’t realise is that actually the businesses are protecting them from being victims of payment fraud.
According to Experian, just 35% of businesses plan to be a leader above their competitors when it comes to battling fraud.
Hello Soda’s cost-effective fraud prevention solution, Profile iD, allows businesses, such as banks, to accurately and efficiently verify their customers before allowing a transaction to take place. Inevitably, this will reduce the number of fraudulent transactions that occur – decreasing your fraud losses and maximising your revenue.
Get in touch today to minimise your losses whilst maximising revenue.