Online Crime is Coming to Town!
It’s that time of year again, holiday parties, family, fun, and fraud. One of these things seemingly doesn’t go with the others, but unfortunately, online fraud during the holidays is the new Grinch. With Black Friday and Cyber Monday right around the corner, it’s time to take another look at how businesses can improve their fraud protection - but not get in the way of customers.
It’s no coincidence that fraudsters ramp up business at the end of the year since they’re on the same cycle as legitimate businesses, almost doubling the number of online attacks in the last four months of the year. And these attacks come right at the same time when corporations tend to dial down their fraud prevention in hopes of attracting new business with customers who’ll jump from one online business to the next if they’re slowed down - by even a few hundred milliseconds.
In order to keep Grinches from ruining the holidays for all, it’s important for businesses to know their customers and proactively act to prevent fraudulent accounts from being opened. As an increasing number of customers look to open new lines of credit and buy more items online, the iInstances of card not present fraud are projected to rise dramatically, leaving businesses as the last line of defense for profits and customer protection.
As one of the largest global information service providers, Neustar has expertise in fighting fraud by connecting people, places, and things. This experience and data fuels our fraud prevention solution, allowing businesses to find the right balance between customer caution and convenience.
If you’re interested in learning more about how to stop the digital Grinch read Tom Pageler’s blog on Forbes.com, Holiday Online Fraud: The Grinch That Keeps on Taking. In his blog, Tom discusses what’s behind the increase in online fraud and how businesses can reduce fraud while not getting in the way of their customers during the most important shopping period of the year.