November is the start of the annual festive shopping season, and Black Friday – 26 November – is the day when retailers are most under pressure to deliver a safe and seamless shopping experience. The right cyber security approach and protocols are critical to keep consumers safe and protect brand reputations.
Payment card fraud is exploding around the world, with the most recent data from Nielsen showing a cost of US$28,65 billion in 2019. These numbers are expected to be higher for 2020 and 2021, fuelled by COVID-19’s economic slowdown and a rise in e-commerce. This type of fraud impacts consumers, retailers and payments companies, and erodes trust in the online experience and in individual brands.
While credit card fraud may be impossible to eliminate, its impact can be mitigated. Retailers need to take an active role to protect consumers and maintain their reputation so that the e-commerce space continues to grow. We recommend the following steps to keep consumers safe and reduce the risk of fraud.
Firstly, companies need to monitor their online footprint to detect any instances where their brand or associated assets are used without permission. Hackers frequently use trademarks of well-known brands to set up phishing sites and dupe consumers into revealing personal information. Similarly, consumers must be able to find legitimate sites online easily so that they reach the company they want to purchase from.
Secondly, retailers must be able to reject transactions where cards have been used fraudulently. This requires ongoing monitoring of the dark web for credit card numbers that may have been leaked – with large enterprises such as banks and big brand manufacturers already engaging in this monitoring.
This also means that retailers need to assess tra ..
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