Loyalty and reward programs are used as a master key by various businesses in Dubai and all over the globe to effortlessly gain and retain customers. Companies generally incorporate loyalty programs in their marketing strategy to generate additional revenue and happy customers. Corporate also put a lot of efforts in planning and strategizing the program.
Just like, every coin has two sides, similarly there could be possibilities of a few opposites that could hamper customer experience and be discouraging for employees too. In such scenarios it is best to be well prepared. To be honest, even a single fraudulent incident can adversely affect and turn customers away from the brands they are fond off.
In order to make the loyalty program experience a seamless one, it is vital for program managers to take a few steps that will work as the firewall to keep safe, interest of customers and enjoy uninterrupted business relations.
Below are few steps that program managers can follow to prevent loyalty program members from any fraudulent activity.
Monitor Account Activity
It is important for program mangers to keep a check on the registration, login and transactions of the account holder during his complete user lifecycle. Any indication of a fraudulent activity either in the email, contact details or IP address change, they should be taken up immediately and reviewed to check if anything appears to be strange.
Multi step verification process
It is inevitable to have a detailed authentication process in place. Additional identification code, OTP or secret questions can be used to maintain the privacy factor. It is essential for program managers to line up increased security that strikes a balance between stronger authentication and easy access. Its advised to not make the process very complicated.
Increased internal communication and education about threat of loyalty frauds with required amount of training to employees can be very helpful. On the contrary, it is also necessary to instruct customers about such instances and make them understand the importance of monitoring their personal accounts regularly. Also don not forget to make your customers aware of the importance of strong passwords and the need to keep changing them periodically.
Collaboration is important. Businesses and customers should work hand in hand and make loyalty programs an impossible target for fraudsters and hackers. To be honest, prevention is the perfect key to such situations. Treat loyalty programs accounts just like your bank account and take similar precautions to keep it safe and enjoy uninterrupted discounts, offers and goodies.