With the news of cyberthreats becoming even more prevalent today, it’s impossible not to think about your business’s exposure to such risks.
Regardless of how large your company may be or how invested it is in technology, there’s much more to lose when you slip up and make an irreversible mistake. Although there are other fears that come to mind when you think about exactly what you don’t want to happen, the fear of getting hacked or attacked is an all-too-real one that bears much concern.
With data record breach rates surpassing four billion attacks (2019), the vulnerability that businesses have is more pressing than ever. Unfortunately, the growing level of fear that businesses of all kinds have of the threat is reaching the point wherein they are incapable of carrying out their operations without peace of mind—which bears a question:
How can you maximise customer engagement when fraud prevention is top of mind?
How Fear Is Throwing Businesses Off
Given the current state of cybersecurity in the world, it’s clear that staying as protected as possible from any threat online is a priority for any business owner. To best understand exactly why you should stay on your toes with regards to how you can keep your business protected, it’s vital to look at the facts and statistics involved.
According to a recent report from Javelin, researchers discovered that financial institutions are significantly more focused on allocating resources for fraud mitigation than companies in other industries. Of course, this same idea can be applied to many other businesses across all sectors as economies continue towards adopting various available tools and systems.
Although it’s understandable to constantly act on a prevalent threat, the unfortunate truth about the current situation is that far too many businesses are losing sight of other important matters. Seeing that key areas like customer engagement and user experience are mistakenly being put on the backburner to make way for digital security, it’s vital to re-establish a balance.
Learning to Prevent
One particular finding that stands out in the report mentioned above: “Fraud is a significant impediment to digital innovation efforts, forcing them to slow the expansion of their features and functionality as they seek ways to mitigate the new risks these innovations attract.” Taking this into consideration, it’s crucial that you stop cybercrimes in their tracks proactively so that you keep the ball rolling for your customer engagement.
When you start investing in more effective solutions that can give your business round-the-clock protection, you can keep your operations running without imbalances in terms of allocation. By enlisting the services of a professional like FraudWatch, it will be far easier to keep everything going smoothly so that you can keep things running without any kind of compromise.
Valuable Opportunities for Engagements
Here’s something you need to know about engagements and fraud prevention: the latter’s strategies can go hand-in-hand (and even support) with innovation, user experiences, and customer engagement.
Today, the average consumer holds a penchant for seeking more information regarding their transactions with businesses while maintaining control over their authentication. Fortunately, available digital channels allow firms to provide their customers with the insights and control that they seek while maintaining security, which leads to better engagement.
Beyond ensuring control, another way fraud prevention efforts can help amass more engagements is by cultivating more personal experiences between customers and businesses. By using tools and systems as an “arm” for personalisation, tailored advice, loyalty offers, and better upselling, it will be far easier to interact with customers better in the long run!
Admittedly, the thought of dealing with the risk of cyber fraud can be intimidating for any kind of business because of the perceived difficulty associated with it—and doing so presents risks for losses in engagement opportunities. Fortunately, investing in the right prevention measures and coupling them with the right mindset and approach can help immensely with locking in top-quality results without any effort imbalances!
We’re an Australian digital brand protection company specialising in helping businesses all over the country with our anti-phishing, anti-piracy solutions, and cyber-attack prevention services. Get in touch with us today to learn more about how we can help keep your business safe online!