As the international community sets their focus on mitigating the risks of the coronavirus and the impact that it will have on travel businesses and the economy at large, fraudsters are taking notice. Even with domestic and international travel at a stand-still in Asia, your customers’ dormant loyalty points and rewards are ripe for the picking and fraudsters are exploiting these unprotected accounts. It’s more important than ever before to ensure that your trusted and loyal customers are protected so that they can seamlessly redeem their loyalty points and begin to travel again as soon as things return to normal.
In an intensely competitive global market, with rising customer expectations and frequent price promotions that encourage consumers to switch to the best offer, these loyalty programs are an essential part of a brand’s business strategy. 22 per cent of customers shop exclusively with brands of whose loyalty programs they are members, making loyalty programs incredibly valuable. Fraudsters have definitely taken notice, and loyalty fraud attacks are growing at a very rapid rate, up 89% year over year during the first quarter of 2019.
Loyalty program points as currency are as valuable and untraceable as cash, making them prime targets for fraudsters to exploit. While most fraud prevention solutions cannot keep up with these sophisticated attacks, fraudulent activity in these accounts causes massive damage to brand reputation, as well as monetary losses to merchants and consumers alike.
Join Forter’s loyalty fraud experts for a webinar discussing how fraudsters use loyalty points as a currency. You’ll learn:
- Why loyalty programs are being increasingly targeted by fraudsters
- Attack vectors fraudsters use to target loyalty programs and the damage they’re causing your business
- Current fraud prevention techniques and why they may not be equipped to handle today’s sophisticated fraudsters
The webinar will take place on March 5th, at 2pm SGT and will feature Daniel Shkedi, Forter’s Senior Product Marketing Manager for Loyalty Solutions. Don’t wait to learn more – the business impact of these attacks are real, and the time is now to protect your most loyal customers. Register now and tune in live or receive a recording of the presentation after the fact.
This article was sponsored by Forter.
