Good Points Blog

How the Dark Web Marketplace contributes to loyalty fraud

Our loyalty fraud team recently partnered with Dark Web expert and Director of Security Research Jason B. Lancaster at SpyCloud to take a deeper dive into the Dark Web. As part of our loyalty fraud prevention series, this blog post will cover: the Dark Web Market, how fraudsters are selling rewards points and miles on the Dark Web, and what happens to member data after a breach has occurred.

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The Dark Web: What loyalty program managers need to know

It’s no secret that fraud is prevalent on the internet, from phishing scams to loyalty account takeovers. But what happens after a fraudulent loyalty account takeover? To start, hackers often take to the Dark Web, the often seedy underbelly of the internet where they can auction off stolen loyalty account logins, points and miles, even merchandise that they’ve fraudulently redeemed.

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How much will loyalty fraud cost your organization?

 

How much could a single instance of rewards program fraud cost your brand? The hard costs (replacing stolen points and miles) may be clear, but the hidden costs (negative word of mouth, lost customers) may be harder to calculate.
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How can loyalty programs improve fraud protection and achieve business goals?

Loyalty fraud is evolving. Fraudsters are getting smarter, and so must the solutions that protect brands – and loyal customers – against them.  Using artificial intelligence is no longer the future of fraud protection: it’s a critical pillar.

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Arming a Fortune 500 Regional Bank to Fight Fraud in its Customer Loyalty Program

THE COMPANY

A Fortune 500 community bank nearing its 150-year anniversary has hundreds of billions of dollars in assets and operates thousands of financial centers across several states.

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After loyalty fraud, how do customers react?

Loyal customers are an organization’s most valuable asset. They generate more revenue – buying 5-20 percent more frequently than more infrequent customers– and their positive customer reviews help brands stand out among competitors.

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Prevent loyalty rewards fraud without sacrificing customer experience

Customers expect financial institutions to have the highest level of fraud protections in place, but online fraud is constantly evolving. And while financial institutions have rigorous systems in place to prevent banking fraud, one very valuable asset is often left exposed: loyalty rewards accounts.

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Case Studies: Top financial institutions protect loyal customers from rewards fraud

Loyalty program members, especially those in the financial services industry, expect those companies to guard their personal information in the most robust way possible. And while 72 percent of loyalty program managers report experiencing fraud, many are challenged to build a case internally for this type of protection. 

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What is the True Cost of Loyalty Fraud?

Despite increasing public awareness and recent high-profile cases of fraud, loyalty programs continue to be an easy target for fraudsters, who use stolen customer identities and credentials to pilfer points and miles from loyalty program members.

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Increasing redemptions: Looking beyond typical loyalty rewards

The right rewards mix encourages both customer engagement and point spend. But increasing loyalty rewards redemption requires a targeted customer segmentation strategy, often going beyond just typical travel rewards offerings.

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