With the growing cases of crime, the retail sector is counted among the highly compromised sectors in the industry. There are a lot of fraud challenges faced by retailers today. This article aims you at making you aware of these risks, and challenges in detail.
What do the statistics show about retail crimes?
According to the latest analysis carried out in the retail sector, it has been figured out that around sixty percent of retailers have adversely impacted by frauds. There has been an increase in retail frauds by 27% when compared to 2018.
Most of the prominent types of security threat are cybercrimes that involve theft, and hacking of customer data. In this type of attack, both the customers, as well as retailers are severely affected. There has been an imposed US ban on shopping on specific days that are suspected for e-commerce frauds.
What are the causes behind the occurrence of retail issues?
There are several reasons for causing retail crime. Some of them are the proliferation of mobile marketing, and electronic techniques, payment options, and sales platforms. Weakness in IT security systems makes it more susceptible to attacks.
The use of unsafe mobile devices for creation and signup of customer accounts, and POS payment card skimmers identifies a threat to a retail business. These loopholes in the security measures provide inventive measures to the fraudsters to aim at victims, and also offer better security avenues for retailer firms.
What are the available technical solutions to prevent these frauds?
Use Biometric Security Systems
One of the practical solutions that a retail firm can implement is Biometric security systems. these technology systems when deployed in business, helps in targeting frauds in the business. It uses several smartphones to use biometric data such as facial recognition, fingerprints, iris scanning, and authentication of identity in the business.
These systems help in the protection of payment transactions between customers, and retailers enhance the security of e-commerce account creation, mobile devices, and transactions performed on the network.
Biometric security systems highlight the enhanced sophistication that a business should consider in increasing fraud. Looking at the effectiveness of these systems, companies would soon be introducing biometric payment cards on the customer market in the coming months.
Hire Cyber Security Specialists
Another thing that a business can do to make it more secure against retail frauds, is by taking the assistance of cybersecurity specialists to renew, and enhancement of IT security measures.
It is important for the implementation, and maintenance of consecutive policies, staff training, and procedures to effectively deal with the different types of retail frauds, and risks linked with handling customer data.
Besides efforts being made to reduce possibilities of retail frauds, it is important for businesses to equip them with robust security measures to make it difficult for hackers to hack them.