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November 27th, 2019

More vigilance needed during busiest shopping week of the year

On the cusp of the busiest shopping week of the year ?— Cyber Week ?— organizations know fraud attacks will be in full force.

According to the article, “Cyber Week Security Tips to Protect Against Hackers,” the National Retail Federation expects a record $730 billion in sales. However, along with those record numbers, the threat of fraud attacks also goes up a whopping 13% during the week. This means fraud and risk teams need to be extra vigilant when authenticating customers and processing financial and account requests over all sales channels int he coming week.

The article also provides some tips on how organizations can spot and stop social engineering attacks targeting enterprises at various levels of the purchasing process. They include:

  • Complete security updates. Many organizations’ largest intake in revenue is in the fourth quarter. This spike in sales also includes more customer interactions at both the point of sale and after the purchase. To ensure all processes provide a seamless and secure customer experience, make sure all security updates including patches are updated beforehand.
  • Increase fraud awareness. Ramping up training to help customer-facing representatives identify malicious activity and other security threats is key to providing a proactive defense against fraud.
  • Detection technology. Web apps are one of the most targeted sales channels by criminals. Implementing evolving security technology is essential to protecting one of the most vulnerable channels in today’s organizations.
  • Enhance purchase processing segments. Contact center and shipping staffs remain susceptible to fraud, especially if unvalidated customers talk directly to company agents. Training these teams to identify suspicious activity such as resetting passwords and changing shipping addresses is critical to spotting red flags at various points of the purchasing process.

TRUSTID’s pre-answer caller authentication solution provides an important layer of security that enables organizations to make real-time decisions on both legitimate and risky calls during higher volumes of customer transactions. Good calls are validated faster, which enhances the customer experience, while high-risk and suspicious ones are automatically routed to fraud and risk teams for further review. This lowers fraud-related losses and improves operational efficiency.

Along with raising the level of employee awareness for more sophisticated forms of fraud, having an effective authentication in place is critical to mitigating fraud across the enterprise and maximizing fourth-quarter profits during the busiest week of the year.

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