The police are already warning the public about fraudsters and their Christmas time activities. Because everyone is in spending mode, it can be a lucrative time for them, and at great expense to the consumer. We clearly need to heed warnings and advice about protecting our passwords and financial data, shopping securely online, preventing malware on our computers and so on.
Companies Can Also Be Hit by Christmas Time Fraud
Businesses can also be in the firing line. It’s really important to be confident that both new and current customers are who they say they are.
For banks and professional service organisations, it would be illegal not to check identification and addresses, as they could be contravening the anti-money laundering regulations. They may not trade with any one on any sanctions list, and there are a number of these that must be checked to be sure to be in compliance.
If you are a domestic service provider, you also need this confidence to be sure you’ll get paid. It would be foolish to offer any kind of credit to anyone you don’t know unless you’ve done some checking on their identity and creditworthiness.
Online traders who never do business face to face with their customers are at even greater risk. Hiding behind a stolen identity to make fraudulent purchases is so much easier in these circumstances.
Protection with the Single Customer View
To reduce your risk, use address verification software either at the time of purchase or before a delivery. Fuzzy matching software, when used as part of your data cleansing solutions, will flag up anomalies to your single customer view, and any suspect transactions. When a fraudster makes an error or has incomplete information, you will be alerted.
Although you still need to be vigilant, with reliable data scrubbing software, you can reduce risk and enjoy automatic protection from fraud.