Winter Is Coming...
THAT FOREBODING “GAME OF THRONES” CATCHPHRASE APPLIES
as well to the retail industry this year as it does to HBO’S fictional world. In the wake of the notorious Equifax data breach, this winter’s holiday shopping season will pose an extreme challenge merchants, processors, issuers and other payment companies.
Another factor that invites fraud is the growing number of channels that merchants, ISOS and agents must contend with. Even as more consumers flock to mobile devices, they are urged to delve deeper into the Internet of Things, with wearables and voice- controlled digital assistants — among other innovations — becoming enabled for commerce.
Merchants must allow consumers to come to these new channels without bringing a fresh crop of fraudsters with them. Older authentication methods such as passwords and Social Security numbers are giving way to new methods such as biometrics and machine learning. It’s vital to keep merchants well armed as retail channels evolve — and fraud evolves in lockstep.