Fraud Focus Three
Fraud Focus roundtable – Looking at Loyalty and Account Takeover
Is your loyalty program safe - are you taking fraud seriously enough?
We all know that loyalty is a huge and booming industry. It’s an important way for brands to attract loyal customers and we know that as customers we love joining them – in the UK as many as 92% of the adult population are registered with at least one Loyalty programme, but there is, however, a rising threat to loyalty programs that has the potential to outweigh the benefits of those rewards.
How are you protecting your customer accounts?
Monitoring for suspicious activity right from the customers’ initial account creation is essential for success in the digital economy. Your customers are trusting you with their information. And of course storing card and account on file is important for your business too, as it can lift checkout completion by up to 50%.
And fraudsters are getting more sophisticated - what do you do when a transaction that turns out to be fraudulent, has no discernible signs of fraud - “Clean Fraud” is listed as the top-ranking area of concern for merchants, and account takeover, the second.
Prevention is the key to staying ahead of the potential damaging effects of loyalty fraud; waiting to fight fraud until accounts have been compromised can impact reputations and potentially the loss of loyal customers and members. Loyalty members expect to be shielded from fraud before it happens -and they should be. After all, aren't rewards members among an organisation's most valuable assets?
Our exclusive roundtable event explored the following:
1. Monitoring account activity. What level of control do you have in place to monitor suspicious account activity? How confident are you that customer data is safe and you’re doing all you can to protect lifetime value and your brand?
2. Increasing security measures. Are you using a multi-phased approach to loyalty fraud screening for fraud during each stage of the loyalty lifecycle including points redemption.
3. Educating rewards members. Are you informing members about the importance of using strong passwords to avoid data breaches? Have you considered advising customers on logging in more frequently and the benefits of this?
Those in attendance were:
- COO's, CFO's
- Directors of Fraud
- Heads of eCommerce
- Fraud & Transaction Managers
- Financial Controllers
- Asset Protection Managers
- Payment & Transaction Managers
CyberSource is a payment management company and provides a complete portfolio of services that simplify and automate payment operations. Customers use our CyberSource and Authorize.Net brand solutions to process online payments, streamline fraud management, and simplify payment security. Born during dawn of the eCommerce in 1994, CyberSource was one of the pioneers in online payment and fraud management services for medium and large-sized merchants. In 2007, we acquired the leading U.S. small business payment services provider, Authorize.Net, thus expanding our market footprint to cover businesses ranging from the smallest sole proprietorships to the largest global brands. In 2010 CyberSource was acquired by, and operates as a wholly-owned subsidiary of Visa Inc. Today, over 400,000 businesses worldwide use CyberSource solutions. The company is headquartered in Foster City, California, with offices throughout Asia, Europe, Latin America, the Middle East and Africa, and the United States.
Q: Is there a fee for attending the Commerce Futures event?
A: Attending the event is free of charge. However, because we take great care in how we curate the audience, the event is invitation only and you must register in advance to attend. If you have not received an invitation but would like to attend, please register via the website and your place will be confirmed subject to approval.
Q: Can I bring a colleague?
A: Additional places will be subject to availability. Please ask your colleague to register via the website.
Q: Who else will be there?
A: Senior professionals in eCommerce, entrepreneurial brand owners, and marketing leaders including directors of finance, fraud/payments, eCommerce, international, transformation, technology, digital, IT, strategy and online.
Q: What is the address of the venue?
A: Crowne Plaza Birmingham NEC, Pendigo Way, Marston Green, B40 1PS
Q: Is there a dress code for this event?
A: There is no formal dress code. Please come dressed in comfortable attire e.g. business casual.
Q: Who is Commerce Futures?
A: Commerce Futures is an independent online community for retail leaders and Commerce professionals. We provide a round up of the latest news and information relating to the key challenges in Commerce today, as well as insights into future trends and technologies that are shaping the online retail landscape. And because we believe it's important to learn from our peers, the regular Commerce Futures event series brings in expert speakers from leading brands to share case studies and industry know-how.
Since 2012, thousands of professionals have attended our events and engaged with our content. We survey them regularly to understand what problems they are wrestling with now and tailor content to help them solve those concerns.