The fraud graph is rapidly going upwards with every passing day and the victims are both the businesses and the customers. According to a recent survey report by global consultancy firm PwC, 57% of frauds happen via online platforms. The report also reveals that 26% of Indian organisations lost over $1 million only due to online fraud.
In recent times, these online fraud techniques have matured and become discreet. These online frauds feed on the trust of a consumer and the reputation of a brand. Some of the latest fraud cases are so well planned that it first gains the trust of the victim to take action without an iota of doubt.
New Frauds Making The Buzz
How Brands Can Safeguard Their Reputation
These fraudsters use the brand reputation created by enterprises to commit various types of frauds. They create a web of fraudulent traps by impersonating the brand’s website, customer care number, logo and social media handles. When a user becomes a victim of these frauds, they blame the brand.
Phishing scams and imposter scams can be damaging to both brands and their customers. To take action against these scams, brands can implement several proactive measures. Here are a few:
Fraud is evolving rapidly, necessitating a proactive approach from brands to protect their reputation and maintain trust and transparency with their customers. By staying updated about emerging fraud trends, educating customers, implementing robust security protocols, monitoring online platforms, and establishing reporting mechanisms, brands can effectively combat the impact of fraud.
—The author, Amit Relan, is Founder and CEO at mFilterIt, a pioneer in the space of Ad Traffic Validation (ATV), Brand Hygiene Protection, Ecommerce Intelligence and Account Takeover Protection. The views expressed are personal.
(Edited by : C H Unnikrishnan)
First Published: Feb 24, 2024 10:17 AM IST
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