Our Fraud Predictions for 2019
2019 is upon us – and with it comes new trends in the world of fraud. If there’s one New Year’s resolution businesses should make this year, it’s to keep on top of fraud prevention to ensure payment security for customers. Here’s what to look out for in 2019:
I want it all, and I want it now: Last year, consumers clamoured for an increasingly seamless payment process. To thrive in 2019, retailers should not just focus on their product offering, they need to be able to offer faster payment processes as well. The issue is, a truly seamless payment experience is good for conversion, yet too much verification can frustrate consumers. With this in mind, merchants will need to strike the right balance between security and convenience this year.
AI AI captain: More retailers will come to the realisation that man and machine working in harmony is the perfect combination for fraud prevention. AI technology is able to spot fraudsters quickly by trawling though reams of historical data and customer patterns instantaneously. However, it’s even more effective when combined with human judgement and intuition. We should see AI fraud prevention technology evolve to accommodate the human element, most likely in the form of improvements to the system’s interface, to make it as easy as possible for team members to interpret findings quickly and efficiently.
New year, new them: Given the growing popularity of mobile payments, as well as wearable or IoT technology, we are likely to see fraud activity migrating over to these newer payment methods. Fraudsters will hunt for new ways to tap payment data, using mobile software development kits (SDKs), for instance, to create bogus apps to lure consumers into handing over their information. A good way to tackle mobile payment fraud is through the implementation of biometric security measures, such as fingerprint scanning.
As new technologies are deployed, fraudsters will be thwarted at first by any new security measure. However, they will eventually find ways to circumvent the new processes, meaning retailers must never stand still and ensure they stay one step ahead by constantly evolving their fraud prevention systems. At RISK IDENT we offer a range of combative methods to ensure companies and their customers don’t fall victim to fraud this new year. To find out how you can stay on top of the latest fraud trends in 2019, get in touch with us today at: firstname.lastname@example.org