As the techniques used by fraudsters continue to evolve in sophistication and complexity, loyalty programs and their operators are at increased vulnerability and risk of significant financial loss. There was an 89% increase in loyalty fraud attacks from 2018 to 2019 – and this trend seems to be a mainstay in the modern loyalty landscape for the foreseeable future.
Discover how to tackle loyalty fraud in the Loyalty Fraud Prevention Association’s November webinar, hosted by Sidney Dunn of Comarch, which will take place on Thursday, November 21, at 10am EST. The session will feature a presentation and Q&A on how Comarch addresses fraud within its broad client base, covering:
- How Comarch's clients perceive Fraud in different industry verticals: Retail, CPG/FMCG, Banking, and Travel
- Fraud-related challenges specific to each of these industries
- From a Loyalty System perspective, what Comarch is doing to combat Fraud (via CLM and AI/ML)
- Latest trends in managing personal data and password/identity protection
As a leading provider of loyalty management solutions and a proponent of loyalty fraud prevention, Comarch works closely with the Loyalty Fraud Prevention Association (LFPA), dedicated to providing those in the loyalty space with a central resource pool to detect and prevent fraud while sharing industry trends and best practices. According to Peter Maeder, Secretary of the LFPA, their mission is simple: “to support the industry in its fight to reduce and eliminate Loyalty Fraud.”
Loyalty fraud is no small matter – consumers hold more than 3.8 billion memberships in the U.S. alone. Today, 26% of loyalty program members say they would cancel their membership after an incident of loyalty fraud, which means loyalty program managers must take action now to protect both their bottom line as well as the security of their customers!
Participation in LFPA’s monthly sessions is free-of-charge. For more information on the webinar and to register, click here:
Comarch Loyalty Fraud Detection
Comarch’s Loyalty Fraud Detection functionality utilizes the latest Artificial Intelligence & Machine Learning techniques to easily identify non-typical patterns in your loyalty program members’ behavior (accrual and redemption transactions, collecting points, account registrations, and more) in order to prevent any possible financial losses. The module guarantees that any newly detected behavior vastly different from the trained model will be detected and stopped before any damage is done. If there are ways to commit fraud that have not been detected in the past, our module will find and prevent them in real-time. Stay a step ahead of the fraudsters with this data-driven, proactive security measure.