Episode 32- Protecting Your Loyalty Program From Fraud

Episode 32- Protecting Your Loyalty Program From Fraud

Welcome Loyal listeners in today’s episode of the loyalty minute, we’re going to be talking about loyalty program fraud. Now we're not talking about someone coming in to steal your points, it's more about the personal information that has significant value to hackers.

Loyalty program fraud rose 89% year on year, predominantly driven by the amount of personally identifiable information (PII) available from increasing numbers of data breaches. With direct and indirect losses from loyalty and reward points fraud estimated at $1 billion every year, enterprises are struggling to limit damage as fraud attacks shift from the point of transaction to different elements of the buyer’s journey, including new account signup, login, and promotion and coupon use.

Loyalty programs have grown steadily in the last decade, with memberships increasing nearly 10% year on year. Consumers have accumulated $48 trillion of unspent loyalty points globally. Nearly half (45%) of loyalty program accounts are inactive, with consumers not tracking or redeeming points.

To learn more about this and how to protect your loyalty program from fraud, and other great customer loyalty insights, please visit theloayltyminute.com Enjoy!

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