I recently received a text from my bank notifying me that my credit card had been compromised, albeit only for $4.72, I was more than a little alarmed. It wasn’t the four dollars and change that had me worried. Like most consumers, I was nervous that cyber-criminals may have made their way into my account and were lurking, about to make additional purchases.
Based on my purchases, I went from NJ to Switzerland and then Rhode Island all within a 3 hour time frame! Further research on the part of the bank showed that, indeed, some transactions had not been authorized, and I would have no financial exposure. The fraud expert then explained what would happen next. First, they would immediately deactivate my card. Next, he presented multiple options for me to renew my card. Lastly, he ended the call asking if I had any further questions.
With cybertheft and security breaches on the rise, it’s important to review what organizations are doing right to protect customers. Other industries can take a page out of a financial services’ playbook not just on matters of security, but on customer service as well.
How my money was kept safe
In summary, my bank took several steps to help mitigate my credit card fraud that lessened my exposure and solidified my loyalty. The bank…
1) used pro-active threat analytics to identify abnormal usage patterns.
2) declined the questionable purchase attempts.
3) immediately tried reaching me through multiple communication methods.
3) asked me several qualifying questions to confirm my identity.
4) verified multiple recent purchases.
5) deactivated my card.
6) provided options for reactivating my card.
Lessons learned – Be proactive
Be a good partner
Communicate the security measures you have in place so your customers know what you are doing, and what they should do in case of an emergency.
Adapt and adopt
Are you using advanced security technology and processes? Do you have analytics in place to understand patterns and customer behavior? Does your staff understand those practices and are they trained on the technology?
Don’t wait for your customers to come to you with a security-related problem. Instead proactively anticipate and solve challenges for them, and then communicate the results to drive loyalty.