“As cyberattacks grow in both number and sophistication, organizations are increasingly under the gun to protect themselves from compromise. Though companies have responded by upping their security budgets and adopting more advanced defences, keeping up with the threats that will surface over the next few years will be a challenge.” - Forbes
The shift to the online space for business and finance has made life a lot easier for many. Unfortunately, it’s made opportunities for online theft that much more appealing. In 2021, cybercrime cost businesses in the United States more than $6.9 billion, and no matter how many cybersecurity defences you implement, there’s always a risk. One of the best ways to tackle this threat is the ability to communicate with at-risk customers quickly and efficiently. And with chat platforms the most popular form of communication today, it’s no wonder that chat fraud alerts are becoming a must industry-wide.
“46% of surveyed organisations reported experiencing fraud, corruption or other economic crimes in the last 24 months… Nearly 70% of organisations experiencing fraud reported that the most disruptive incident came via an external attack or collusion between external and internal sources.” - PwC
Your business and, by extension, your customers, are facing a variety of threats every time they log online. It’s important to understand what the threats are so that you know what you’re up against. The most common online fraud risks include:
This refers to all that junk email as well as unwanted messages that are delivered to your phone. Some spam messages will encourage you to buy a product or service, while others are more sinister in nature, attempting to get you to divulge personal, bank or credit card details.
Scams have just shifted from the street to the online space, all of them trying to get you to part with your money. This could be the promise of winning a lot, inheriting a fortune or even winning the lotto.
This is where software is installed on a computer, tablet or another mobile device without your permission or knowledge. This software then gathers your personal or business information which is used to fleece you of money.
The focus has shifted to stealing people’s identities online and using them to access accounts and other financial avenues. The predominant method of identity theft is via phishing. This is where spam is used to gain access to your banking details, usually via a link.
With online fraud prevalent, it’s important to provide your customers with the best defence through chat fraud alerts. All customer data must remain secure which is where chat apps are beneficial, offering end-to-end encryption, multi-factor authentication, and privacy. The chat platform allows you to contact your customers immediately to notify them of fraud-related activity and threats.
Once a customer has received a fraud chat alert, they have the option of replying via the chat platform to get more information if needed or to confirm a purchase or financial transaction in real time. There is no need for them to be put on hold waiting for a call centre operator to take their call and verify the transaction.
There are so many reasons why companies are switching over to chat fraud alerts rather than relying on live agents and call centres. Here’s a look at some of the reasons you might want to consider it.
Global customers: The digital era has opened up the world to businesses of all sizes, but this brings with it the responsibility to alert customers to fraud anywhere and anytime. Chat facilitates cyber security alerts internationally so much better than phone calls where expensive rates will apply.
Preferred platform: WhatsApp is used by some 2 billion individuals across the globe, which means if you want to get in touch, this is the way to do it. By communicating fraud alerts and verifications via the preferred chat platform, you have more chance of addressing the issue early.
Inbuilt security: Chat platforms like WhatsApp, WeChat and Apple Business Chat have existing security measures that protect customers and instil a sense of confidence in the communication. This makes it much more difficult for cybercriminals to access your customers.
Mobile security: In addition to the inbuilt security features of chat platforms, mobile phones come with a sophisticated level of security that prevents fraud. Phones require passwords and biometric authentication to access the messaging platform with additional security questions that can alert businesses to fraud.
Less pressure: The use of chat fraud alerts reduces the pressure placed on call centre agents, particularly during peak periods like Black Friday and the festive season. They’re freed up to focus on other business activities without having to tackle fraud alerts.
Increased response: Because customers have their mobile phones with them almost 24 hours a day, seven days a week, you’re able to alert them to fraudulent activity quickly and benefit from an immediate response. The faster any threat is picked up, the easier it is to deal with.
Another significant advantage of communicating fraud alerts via chat is that you can also use the platform to share tips and advice that better protect your customers. Some fraud tips that can help include:
Check any links for irregularities before clicking on them as they could include malware, even if it appears to come from a safe source.
Check the sender’s email address, name and number to verify they’re from a legitimate organisation.
Don’t share your personal information such as banking details or ID numbers via email or phone.
Be wary of any sense of urgency as this is intended to make you act without thinking things through carefully.
Check grammar and spelling as these are the most obvious red flags.
When it comes to protecting your customers, Clickatell’s fraud alert is the leading solution for several key reasons:
It allows for a variety of payment methods;
It is flexible and customizable;
It’s scalable making it ideal for small businesses to government departments; and
It’s secure featuring end-to-end encryption and multi-factor authentication.
SMS and two-way channels, automation, call center integration, payments - do it all with Clickatell's Chat Commerce platform.