Fighting fraud is an ever escalating arms race, with criminals working to exploit the next loophole as soon as the financial services industry closes the last one. Your customers are an important ally in this fight, with mobile messaging giving you the tools to act responsively to threats as well as build your relationship with them.
Fraud is an increasing problem, with the annual global losses generated by credit, debit and other cards alone totalling $US16 billion and predicted to grow to $35.5 billion by 2020, according to The Nilson Report. Essentially, for every $US100 spent on cards, just over $US5 will be fraudulent.
Protecting yourself from losses needs to be balanced with minimising the disruption for your customers. Even though customers want to know their money is secure, there’s still nothing more frustrating than having to phone a call center to discover the reason they couldn’t pay for groceries is because their card has been frozen due to suspicious activity.
Mobile messaging finds the union between security and customer experience, with an SMS the ideal way to beef up security on your offerings, from delivering a one-time password for an extra layer of authentication in online backing, to alerting customers to suspicious activity on their card, without introducing inconvenient roadblocks.
Here’s why mobile messaging will help you fight fraud:
Customer Reach
The easiest way to hit the mark is to make the target really big and it’s harder to think of anything bigger than the cell phone. Most people have one and the majority of them are smartphones. More than half of smartphone owners have used their handset for online banking in the past year, according to the Pew Research Center, so it’s an environment they’re comfortable using for financial transactions. It’s not just that people have phones, either, it’s that they use them a lot. The University of Nottingham Trent suggest that people check their phones 85 times a day (double what they self-report), while others have found that 90 per cent of text messages are read within three minutes. Further, text messaging is platform agnostic, so you don’t have to worry about compatibility with different operating systems or older models…Click HERE to read full article.
