Experts were shocked when the 2019 holiday fraud rate increased by 29%, but with online shopping expanding due to the pandemic, 2020 could be the perfect storm. This year 70% of US consumers plan to do at least half of their holiday shopping online, and the amount of holiday fraud is expected to grow.
Preparing for the 2020 holiday season shouldn't just be decorating, watching holiday movies, and baking; it should also include reviewing your current fraud prevention strategies.
Whether you're the CEO of a large enterprise or the COO of a family of 4 (and a dog), we all need to be hypervigilant of possible fraudulent activity.
If your business operates online, or you are a consumer who does financial transactions online, financial fraud is a reputation killer. A corporate data breach will cost you time, money, and customers; the ramifications and subsequent loss of business will last long past the holidays. As a consumer who's been a target of identity theft, the damage to your bank account and your credit score will have lasting repercussions.
What to look for?
During the holidays, the most common fraud risk is identity theft or account takeover. This abuse can be a small as access to your loyalty program or as massive as access to your bank account. As a consumer, the solution to this threat is the same as it ever was, hold your login credentials close and change them often. Not easy to do when the average American has over 125 logins they have to remember and manage. As an Enterprise, your customers' security should be your top priority; shouldn't you implement something that makes this process easier for them and more secure for you both?
At V2verify, we take identity authentication as seriously as you do. Our voice biometric solution identifies and authenticates your customers with just 2-seconds of speech, removing passwords from the equation. This creates a frictionless authentication process for the customer (yeah, no more passwords) and a more secure solution for you both.
Protecting both your reputations with one solution, how much more 'Good will toward men' can you get.
Happy Holidays!
Click the Contact Us link to find out more about adding a voice biometric authentication to your solution.
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