Step-by-step plan to help everyone make less mistakes
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Broaden your fraud prevention resources to meet evolving consumer expectations
Consumers expect more convenience via web, mobile, social and in-person. Increased access and simplicity creates an opportunity for greater consumer engagement
Why educate consumers?
Consumers are your children, spouse, partner, siblings, friends, co-workers, employees, parents, grandparents, etc. There are many people connected to you. Although you may have training and security procedures are in place where you work, you still interact and share connections with consumers. These connections can be through a home network, public wi-fi, social media, email, etc.
“93 percent of Americans believe their online actions can protect not only friends and family but also help to make the Web safer for everyone around the world.”
Consequences of consumer fraud:
- Monetary Losses: Consumers who are victims of fraud will have less money to save, invest and spend.
- Liability: Since consumers are often not liable for many types of fraud, financial institutions and merchants assume responsibility for most of the money lost as a result of fraud. Helping consumers to better safeguard their Identity, ATM, Credit Card and to prevent fraudulent wire transfers, will only help to reduce the staggering amounts of monetary loses and "write-offs" for financial institutions and merchants.
- Elder Financial Exploitation: Senior citizens are one of the largest segments of the U.S. population and are very important to the success of financial institutions and merchants. Financial scams targeting seniors have become so prevalent because seniors are thought to be easy targets and have a significant amount of money.
- Commercial, Retail & Non-Profits: As larger companies invest in cyber security protection, small businesses and non-profit organizations are now the primary targets of cyber criminals.
- Fear: Fear of fraud will hold back consumer acceptance of current and emerging technologies.
Consumer expectations are changing.
Consumers expect more convenience, personalization, accessibility and ease of use via web, mobile, social and in-person. Increased access and simplicity creates an opportunity for greater consumer engagement. Broadening your fraud prevention resources is one way to meet evolving consumer expectations.
There is more information available today, yet consumer fraud continues to increase. All organizations today require cyber security that includes a Prevention, Detection and Resolution approach. Organizations are invested a tremendous amount of money and resources into cyber security technology, but less into securing the human element.
People can be the unsung heroes of cyber security.
You need to put people-centric thinking at the heart of cyber security.
Everyone agrees that awareness is key to fraud prevention, however, the methods of awareness being used today are not solving the problem. Fraud incidents continue to rise as people are still making mistakes that could easily be avoided. Security awareness must work for people, or it doesn't work.
Today, organizations focus mainly on the resolution aspects of consumer fraud prevention. There is a huge opportunity to make progress with prevention if organizations work closer with their customers & members. You will improve the experience with a consistent education model. Incremental gains are all that is necessary to create positive partnerships with consumers.
Today's trends require a new approach that anticipates, recognizes and services everyone's individual needs. Technology does not prevent human mistakes. You also need a consumer education solution that helps people make less mistakes. As the trusted advisor, you can expand your reach and create smart, security minded people.
Better engagement through education design.
Fraud continues to rise because consumer education today is scattered and not distributed effectively. What is required are different models based on the habits of individual demographics.
- Millennials may respond better to a mobile experience whereas Seniors may be more apt to reference a printed handbook or Facebook tab.
- Within your organization, frontline operators may prefer a printed handout capability while marketing may want timely articles for web site pages and blog content.
Education requires a design model that delivers the best resources to each demographic. Not a one-size-fits-all solution.
How you can help:
Consumers appear to be poor at security because they are being required to do things that are difficult or impractical to do. Many of the problems with consumer behavior and cyber security are down to being overwhelmed by email, social media and all the other security considerations.
Organizations can talk about scary things in a way that will not put consumers off, they can make security more interesting to the average person. Security might appear complex and time-consuming, but it really isn’t.
The public needs to be educated on how simple – and quick – things like two-factor or multi-factor authentication and password managers are. The fact that most people are not using two-factor authentication when it is available is an example of how organizations are not communicating what it is, let alone getting people to use the extra layer of security.
Other ways consumer education benefits your organization:
- Reputation safeguard
- Reduces customer and member fraud loses & ID theft
- Educates small business clients
- Helps you respond faster
- Demonstrates your expertise
- Increases customer engagement
- SEO keywords for more web traffic
- Content for web site, blog & social media
- FFIEC, FINRA, FDIC, NCUA and other regulatory support
- Promotes your online and FINTECH services
- Reduces staff workload
- Creates goodwill
- Affordable for any size organization
- Visitors stay on your web site
- Increase service value
- Increase loyalty
Where to communicate fraud safety:
- Web site security section
- Web site banner & articles
- Announcements
- SmartBot
- Email news
- Blog articles
- Social media posts
- Kiosks
- Facebook Tab
- Small business & retail client support
- Community outreach
- Fraud awareness seminars
- Office & branch lobby
- Paper shred events
- Chamber of Commerce events
- Community events
- Golf outings
- Fundraisers
- Trade shows
A road map to building a better education model
Established in 2004, eFraud Prevention™ has developed a fraud prevention model that is transforming the way people learn about fraud prevention - keeping everyone safer. Make consumers the strongest link when it comes to cyber security. Take the lead and follow our Road Map to complete your fraud awareness program.
Get your free guide to Better Education Design.
A Step-by-step plan to help everyone make less mistakes.