Fraud does not discriminate. Even billionaire presidential candidate, Donald Trump (see what we did there?) can’t avoid falling victim to fraud; Trump Hotels experienced a significant data breach within their credit card systems just last year.
Democrat or Republican, fraud affects everyone and everything, because the cyber criminals behind the scenes couldn’t care less who you are or how you vote. From Fortune 500 companies and mom-and-pop shops affected by fraudulent transactions and data breaches, to children whose identities have already been stolen, or the millions of Americans whose lives have been devastated from the recent IRS breach, no one is safe. Why? In the immortal words of legendary bank robber Willie Sutton, “that’s where the money is.”
If you haven’t reviewed or updated your fraud system since the last election cycle, you’re ripe for paying a huge fraud tax in the form of losses and slower sales. So how can businesses stay one step ahead of fraudsters? The first step to “trumping” (there we go again) fraud is not being complacent. Just like low-information voters making poor decisions, you can’t expect to get exceptional results from security and anti-fraud measures that haven’t been updated in years. That would be like keeping a top secret email server in your bathroom, not good.
Fraud and those who carry it out are pros that evolve with the times. Mobile fraud is rampant, given the amount of sensitive information and number of transactions that consumers carry out on mobile devices. The recent shift to EMV technology in the US has driven even more fraudsters to online and mobile channels, and will only continue to increase. Fraudsters are already thinking about their next move – wearables, virtual reality, connected homes, smart TVs and cars – you name it, they’re finding ways to hack it, steal it, and cash in.
Step two – businesses must also be aware of their own limitations and weaknesses. For instance, many online merchants aren’t experts in detecting let alone preventing fraud (nor are they expected to be). That’s why it’s so important to have a third party expert evaluate your systems to ensure you have the right protections in place. What works for one business may not work for the next. It’s essential to have a tailored, comprehensive fraud prevention system in place – one that will safeguard against fraudulent transactions but won’t block legitimate sales.
Nobody wants a sub-par candidate and no company should settle for a sub-standard fraud protection system. Evolve with the times. Fraud does. Trumping fraud is a long-term game. Don’t fall for (ad) campaign promises; choose a fraud provider with a proven track record for getting the results you want, boosting sales while beating fraud.