Over the past decade, technology has changed across the globe. Now, technology is changing so many different industries and is changing how customers interact with businesses. While technology is bringing positives to businesses there are some negatives. As a result, account takeover protection is a huge deal for a lot of businesses across the United States.
Technology is used to store information and data for many citizens. The same can be said for businesses as well. Therefore, the proper safety and security systems are needed to provide businesses with security. As a result, identity validation service information and identity verification service information are all key now! Here are more facts on integrating an account takeover protection system.
Fraud Is A Huge Problem
For many people, fraud is a legitimate issue that is plaguing their lives. Therefore, businesses are likely to suffer from some type of fraud as well. In recent news, the biggest credit bureau in the United States, Equifax, had a serious fraud crisis. This resulted in a breach that managed to expose the social security numbers and other personal data of nearly 145 million people.
In the same year of 2017, data was collected dealing with identity fraud. this revealed that nearly 17% of all identity theft fraud is comprised of just credit card fraud. Therefore, business and customers must make sure they properly protect their information. After all, many businesses provide workers with business credit cards for traveling expenditures! So account takeover protection is a huge need.
If a business falls victim to fraud, it is a big problem. This will put not just the business itself at risk but all of the employees as well. For instance, keep in mind that businesses usually have a big data center where they store the payment process information. This can include social security numbers, tax information, and so much more. So account takeover protection is a requirement for any large-scale business.
Account Takeover Protection Matters
When someone gets information on a businesses credit cards, this situation will spiral out of control quite quickly. However, account takeover protection is going to prevent any transactions from taking place. This is important because so many businesses are struggling to have any faith in their current safety setup.
A recent study was conducted in which businesses were asked how they feel about their companies ability to detect fraudulent activity. Only slightly more than half of all business said that they are sort of confidence in their companies abilities. However, 40% said that they are confident. That 40% more than likely utilizes account takeover protection, fraud detection services or a fraud detection solution!
Customers Like Safety and Security
Another study was conducted in which customers were asked how they feel about websites, businesses, and safety. Out of all these customers, just about 66% stated that they appreciate security protocols while conducting online transactions. Therefore, companies are going to really benefit from setting up a secure and high-quality safety system for their website!
Customers were also asked why they enjoy these protocols and safety systems. The obvious answer involves the fact that these customers feel as safe as possible when using the safety protocols and more. Businesses can use these high-quality safety protocols to build up a reputation amongst customers and loyalty as well!
Whenever a business fails to keep a customers information safe it is going to be a disaster. First and foremost, the reputation of the business is going to collapse and fall apart. Furthermore, there are legal ramifications that are potentially catastrophic for the business at play. Therefore, businesses that have data and information need the best account takeover protection technology available.
In Conclusion
All businesses that have large payrolls and important information on cloud devices need some form of account takeover protection technology. After all, if this information is exposed then it is going to do real damage to the business and all of its employees as well!