As discovered by Pindrop® Labs’ European research team, the fraud rate in the retail sector is higher than the average, across all industries, including financial institutions. Why?
Fraudsters are targeting your call centre at an alarming rate. Research conducted by Pindrop® Labs Europe has discovered that this is due to a number of successful tactics deployed by the fraudsters:
- Phishing calls. Fraudsters can acquire basic customer details online and perform account takeover.
- Omnichannel evasion tactics. Retail organisations have systems in place to flag unusual order activity, but can these be confirmed to a single channel only. Fraudsters can exploit this by using different communication channels.
- Exploiting in-store credit. This is a popular target for fraudsters, knowing that orders will circumvent the risk assessments typically applied to credit card purchases.
- Removing the customer from the equation. A common tactic used by fraudsters is to break communication links between the retailer and customer.
Join Dr. David Looney, Research Scientist, to learn about these scenarios, the types of fraud carried out in retail organisations, examples of real-life prolific fraudsters and how to protect your customers and organisation from this growing threat.