Research estimates that businesses across the U.S. lose up to 5% of their gross revenues to fraud each year. So it’s becoming increasingly critical for companies to fight against fraudsters, and technology plays a vital part in this process. While most fraudulent activity happens online, often, this comes after individuals speak to organizations to gather more information about their systems and payment processing. This makes it even more critical for businesses to fight fraud by utilizing technology that is free from the risk of human error. In this article, we’ll be discussing the top tactics implemented by businesses around the U.S. to do this.
Automatic Data Monitoring
One of the more popular tactics used by businesses to fight fraud is automatic data monitoring, which gives companies a greater level of visibility around the use of their systems and products by their customers. Automated data monitoring brings functional benefits like optimizing employee efficiency and tracking customer spending habits. It also allows for any anomalies that might suggest fraudulent activities to be identified as soon as they occur. As part of an automated data monitoring system, business directors or managers can receive SMS notifications automatically if an incident or change arises. This improves the company’s reaction time if a potential breach happens.
Voice Identification
Another beneficial technological advancement that is supporting businesses in the fight against fraud is voice identification, which promotes customer confidence as part of its fraud prevention management. This system involves customers registering their voices to the system after completing advanced security checks, which means that they can easily pass through the identification system in the future. Voice ID can identify where audio has been tampered with or adjusted and automatically pass this information to a business manager. This is a great way to mitigate risk around fraudsters trying their luck. On top of this, it saves customers from giving all of their data to an automated phone system, reducing their frustration and allowing for quicker transactions.
Bank Account Verification
Automated bank account verification online is a relatively recent technology that allows businesses to automatically check the security details of individuals attempting to make or receive payments through their systems. Yodlee offers a range of solutions for bank account verification online, which give businesses a secure way to instantly verify customer accounts, allowing for quick and easy recurring payments and a reduced risk of fraud. These solutions also enable companies to stay compliant with NACHA regulations, which boosts customer confidence and saves time and money in the long run.
Thanks to the growing influence of technology on fraud reduction, businesses all over the U.S. have experienced increased security measures and customer trust. Through a range of automated services like automatic data monitoring, voice identification, and account verification solutions, businesses are reducing their vulnerability to fraud and improve their reaction time. For companies in 2022, this functionality is truly invaluable.
