When it comes to customer service, every business wants to be able to provide the most convenient and client-friendly processes available.
But many businesses are finding it difficult to strike the right balance between customer service and the layers of security needed to keep themselves and their customers safe in an era of increasing – and increasingly creative – fraud attempts.
That was a key finding in the Sixth Annual Fraud Report by IDology, a fraud prevention and identity verification company that conducts an annual online survey to identify trends and provide insights for businesses dealing with identity theft and other forms of fraud.
Survey: Balancing Fraud Deterrence with Customer Experience a Challenge
For the first time in the survey's six-year history, a majority of survey respondents identified "balancing fraud prevention and customer friction" as their biggest challenge. The respondents included 263 executives, directors, managers, and analysts across the financial services, fintech, healthcare, insurance and ecommerce industries, among others.
With billions of records exposed by data breaches in 2018 alone, and nearly 6 in 10 of the survey's respondents reporting an increase in fraud attempts, more effective methods of identity verification are a necessity, but the modern customer expects convenience and security in equal measure. "Fraud deterrent is an increasingly important business function but customer experience is paramount," the report concludes.
At the same time, 75% of respondents report that deterrent processes, like identify verification, have become more complicated, putting efforts at fraud prevention on a collision course with customer experience. "Winning businesses," IDology CEO John Dancu writes, "will be the ones that take a strategic approach ... with the realization that they can offer frictionless customer convenience and effective fraud deterrence to ultimately cultivate customer trust.
ACH Security and Customer Service Go Hand in Hand at Cachet
While we understand the challenges inherent in what the report terms "a new era of fraud," we do not see any conflict between our security responsibilities and a commitment to making our processes hassle free. By taking steps to alleviate security concerns, we're making things easier for our clients, who have one less thing to worry about. As an added bonus, our deterrence processes create shared security benefits but leave the heavy lifting to us.
With tools like automated daily reconciliation of accounts, SOC 1 audits of our internal controls, processes and technologies, along with annual third-party penetration testing and monthly compliance auditing, we are constantly putting our processes to the test. We are also covered by a $50 million crime bond as further protection for our clients.
If you'd like to learn more about how first-rate customer service and security can work hand in hand to provide safe, reliable and cost-effective ACH payroll processing for your company, give us a call or click on the link below.
You can also join us at the Independent Payroll Providers Association Sales & Marketing Conference Feb. 25-27 in Las Vegas. We'll be there along with our sister company Payroll Tax Management.