Identity Fraud in Focus quarterly report
8 min
Gaining and preserving consumer trust is paramount. Helping your customers protect their sensitive information shows you care about being a good steward of their data, while potentially helping to improve brand loyalty, increase retention and increase upsell take rates.
Customers around the world are using internet-based services more than ever, which means they’re entrusting their personal information to more service providers than ever. This is the double-edged sword of today’s technology: as it intertwines with our lives, we grant more access to our information, preferences, and bank accounts.
In order to deliver items to our homes, offer one-click purchases, and know our purchasing preferences, internet-based vendors are collecting and storing sensitive, personalized information about their customers. And many vendors do much more than store our information. They’ll sell and buy our information to increase personalization of services in order to increase the likelihood of earning our hard-earned money.
As we’ve seen time and time again, no service provider is invulnerable to a loss of data. We’ve been telling our customers for more than a decade that it’s not a matter of whether your personal information is available to bad actors; it’s a matter of when your personal information will be used by bad actors. It’s a lottery no one wants to win. And as we saw with Twitter’s social engineering attack, having a super-secure password with two-factor authentication may not be enough to keep your information — and reputation — protected.
Organizations need to be good stewards of customer data. It’s good ethics, it’s good business, and it’s increasingly enforceable by law. Some questions arise: How does an organization become a good steward? And how can the customer know whether to continue trusting an organization? How does an incident regarding customer data affect a business?
We help companies protect their customers
We have been on the front lines of identity protection for more than a decade. We have helped thousands of institutions protect their employees and customers with our services. This year, we are making significant investments in our technology, scalability, infrastructure, and client relationships in order to help our business partners protect their most important relationships from harm.
One key vehicle for protection is integration of our services and identity protection features into our partners’ applications. Our integration technologies offer several of our industry-leading features to work alongside our partners’ features. For example, an organization can incorporate Social Media Monitoring capabilities into their app to protect their customers from account takeovers and unsafe content. Or, they can incorporate our Credit Monitoring features to alert their customers of credit inquiries and changes.
According to a recent Cisco survey, 90% of respondents believe the way their data is treated reflects how they are treated as customers. This creates a huge opportunity for companies to improve brand loyalty while providing customers with the protection they need and the peace of mind they deserve. What’s better? The applications are near endless.
A bank that can notify me of dramatic shifts in my credit score? Yes, please! An insurance company that lets me know if my login information was found on the dark web? Don’t mind if I do. A budgeting app that notifies me when significant amounts of cash are withdrawn? Show me the signup form!
Identity and privacy protection features can also provide customers with a sense of security and well-being that can increase retention, increase upsell take rates, and get that coveted word-of-mouth promotion. Furthermore, it can make an application “stickier” so more customers use it more often.
The reverse is also true.
When companies don’t take their customers’ personal information seriously, consumers are more than willing to walk away. According to the same Cisco survey, 32% of respondents indicate they have switched companies because they felt the business didn’t respect their data.
Ready to get started?
We have invested millions of dollars into evolving our protection systems for next-generation capabilities. This investment has allowed us to externalize our features in a way that was never before possible. We are super excited about bringing these capabilities to the market — and we’re just getting started!
If you are interested in a demo or an overview of our integration capabilities, please contact us at partner-sales@aip.com. We are happy to review our new technology platform, show you the future of identity protection, and help design a solution that will work for your company and your customers.