This holiday season, your contact center agents will undoubtedly be on the lookout for fraudsters attempting to make unauthorized charges, or obtain sensitive data through nefarious means. But the phone lines aren’t the only places where fraudsters are lurking these days.
You’d better believe they’re online, too.
Online fraud is a massive problem that costs billions of dollars annually. In fact, in 2014, retailers lost $3.08 for every dollar of fraud they were hit with. That’s because in addition to losing an actual product from a fraudulent transaction, there are other costs a company must part with as well—like packaging and shipping an item.
Digging further into the problem, research shows that—statistically speaking—men are more likely than women to be fraudsters. And purchases that are $20 or less are 2.16 times more likely to be fraudulent.
Why is online fraud such a difficult problem to solve? It’s because most fraudsters take the time to thoroughly research their victims’ transaction histories, in an effort to make their fraudulent transactions look normal. It’s very difficult to spot a phony charge, in other words, when it blends in seamlessly with a customer’s normal activity.
Therefore, it’s time that you stop and ask just how much money your business is losing to online fraud, as well as how you can prevent this costly problem from occurring in the future.
Voice biometric identity verification is one technology that you can use to help prevent online fraud. By using a voice biometrics solution—which collects and samples unique end user voiceprints—your business can automatically determine a customer’s true identity at the time of purchase or transfer. This type of technology works in conjunction with a mobile device; when it comes time to make a purchase, your company will simply send a link to a customer’s mobile device requesting a unique voiceprint which the customer establishes during initial setup. A voiceprint can be collected every time, thus enabling your business to determine whether a person is legitimate before allowing a transaction.
Click here to put a stop to online fraud using voice biometrics today.