“With over $48 trillion of unspent loyalty points globally it’s no wonder malicious actors are targeting rewards programs globally…”
48 Trillion Reasons Loyalty Fraud is on the Rise, The Wise Marketer
Loyalty marketers have a lot on their minds: acquiring new members, keeping those members engaged, managing the return on investment – and then there’s the ever-increasing risk of fraud.
Fraudulent access to customer accounts continues to grow and the cost is significant. With the cost estimated at $1 Billion annually, businesses must find effective ways to protect their loyalty programs and their customers. While challenges like internal fraud and customers “gaming the system” need to be addressed, the real danger is external fraud. Loyalty marketers need to understand how it happens and what to do about it.