Page 67 - SAMENA Trends - April 2020

ARTICLE SAMENA TRENDS

ARTICLE

How You Can Protect Your Consumer amidst the Global

Coronavirus Pandemic

While the world we’re currently living in is full
of complexities and bad actors seeking to take
advantage of the terrible situation, companies

can work with their consumers to keep them
protected from fraud attacks.

In today’s rapidly fluctuating world, many people are facing a great
deal of uncertainty. The rise of the coronavirus crisis has not only
spread the disease but also concerns about the future.

During these confusing times, people prey on this fear and seek to
extort others. At Syniverse, we’re working with our customers to
prevent this fraud before it happens and resolve it in real-time.

Fraud is rampant. In the latest Nilson Report Annual Fraud Statistics,
worldwide payment card fraud is expected to surpass $35.5 billion in
the next five years. In recent years, the United States has accounted for
about a third of this fraud.

With this level of fraud only increasing due to the coronavirus, it’s
Lisa Paccione critical for companies to react quickly to protect their customers. There
are several ways companies can help safeguard their consumers from
Vice President, Sales, Enterprise Services Group fraud during this crisis.
Syniverse
Educate Your Consumer to React to Important Notifications
Building trust and understanding with your consumers is essential to
minimizing fraud cases. Communicate your commitment to prevent
fraud on your website, on social media as well as through traditional
communication channels. Stress the importance of reacting quickly to
fraud alerts you send. The sooner your consumers alert you to fraud,
the more easily you can work to stop or prevent fraudulent charges.

Implement Identity Services
To determine how to best reach your consumer, you need to determine
their mobile carrier and/or phone line type for the phone numbers
you’re seeking to reach. Scammers will try a variety of methods to
steal consumers identities. If you notice mobile carrier changes, a bad
actor could be trying to redirect the number to a different phone. In this
case, use multiple forms of contact to identify your consumer.

67 APRIL 2020