This Thanksgiving, Let's be Thankful for the Great Improvements in Security and Anti-fraud Measures
Thanksgiving is the perfect time to count our blessings and express gratitude. It marks the beginning of the holiday season, which is also a peak period for fraudulent activity. But this post is not about fraud and its consequences, rather it's about being thankful for all we have in the digital world—and there's a lot to be thankful for.
Thankful for disruption
Digital disruption has opened up business models that we would never have seen as a possibility ten or twenty years ago. The advent of ecommerce has given traditional businesses a run for their money, and forced them to rethink their business strategies. Companies are now embracing innovative business models that are a win-win for businesses and consumers. This new and innovative economic landscape has created business and employment opportunities for more people than ever before.
Thankful for all things digital
Digital is the new normal. Consumers can shop, entertain, transfer money, and interact from anywhere and using any device of their choice. This location- and device-agnostic access to digital services is one of the key drivers of growth for the booming digital economy around the globe.
Thankful for great customer experience
Digital businesses are working overtime to create the best possible customer experience for the holiday season. From personalization and friction-less checkout to secure payment options and diverse delivery options, innovation in customer experience is making this most the convenient holiday season ever for consumers.
Thankful for multiple payment options
Gone are the days when cash and checks ruled the payments world. Today, there are numerous options that enable consumers to make payments, transfer funds, shop, invest, and trade—instantly. From wire transfers to credit cards, ewallets, peer-to-peer transfers, cryptocurrencies, consumers have a wide horizon of options to choose from. In a world where fraud and abuse are at an all-time, business are making unprecedented investments in protecting their customers from harm.
Thankful for increased awareness
A string of data breaches recently has left many businesses and consumers exposed to cyber attacks. But, as they say, every cloud has a silver lining. Here, the silver lining is that consumers are more aware of the security threats they are likely to face online. They have come to learn about the various techniques fraudsters employ to dupe them. As a result, they are more vigilant and take precautions when online. They are also more aware of their rights as digital consumers and are increasingly holding businesses accountable for their online safety.
Data breaches are also helping businesses realize that if they do not take adequate steps to protect their customers, they have a lot to lose—not just financially but also in terms of long-term damage to reputation.
Thankful for the regulations
Regulators are mindful of the increase in fraud and online abuse. To ensure security and privacy of consumer data, regulators have introduced directives that mandate digital businesses to ensure compliance else face hefty penalties. Businesses are making consumer security a priority which is helping foster consumer trust in businesses they regularly interact with.
Thankful for fraud-prevention technologies
As businesses transition to digital, they realize the importance of smart fraud prevention tools that make it easier for them to fight the onslaught of rising fraud. Whether it is desktop, mobile, in-store, or on phone, smart security and anti-fraud solutions are enabling businesses to fortify their defenses across channels. From one time passwords (OTP), two-factor authentication (2FA), tokenization, to machine learning-powered solutions, there are some excellent technologies that have evolved to help digital businesses protect their valued customers from fraud and abuse.
Thankful to the fraud-prevention community
It is the concerted efforts of the anti-fraud community that is helping digital businesses globally to safeguard consumer interests and improve operational efficiency. Collaboration, analytics, intelligence sharing and the passion to fight the menace of fraud together is the bedrock of all fraud-prevention efforts.
This year, we are thankful for the great strides that have been made in cybersecurity, fraud and abuse prevention, privacy, and consumer protections in general. We are optimistic that as business adopt a long term, zero tolerance approach to fraud, we can end the trend of record setting fraud year after year.