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It turns out this terrifying ordeal wasnt real it was a scam made possible by recent advancements inAI.
In either case, it often leads tocustomersgiving up their credentials.
(Image credit: Shutterstock)
Kris Nagel is the CEO of Sift, the Digital Trust & Safety Platform.
This is a growing and pervasive threat, and failing to address it will be costly for businesses.
To stay ahead of these threats, businesses need to rethink their fraud prevention strategies and technology stacks.
According to Juniper Research, e-commerce losses to online payment fraud totaled just over $41 billion in 2022.
But these schemes are fast-evolving, and losses are expected to grow.
Here are four things companies can do to build a more collaborative fraud prevention strategy.
Companies should take inventory of their tech stack to understand how to best build a comprehensive platform.
Communicate fraud awareness to your customers:Customer education can make a meaningful impact against fraud as well.
Taking decisive action now to strengthen fraud prevention might serve as a future competitive advantage.
We’ve featured the best encryption software.
