This Black Friday is predicted to make record-breaking sales. However, with shopping centers across the country being emptier than usual, a lot of sales have shifted online instead, ahead of the traditional cyber Monday.
The move to internet sales mirrors the demand for customer’s enthusiasm for convenience.
Black Friday cyber sales have almost tripled in a ten-year period since it was first launched. $4.4 billion worth of sales are expected to be made during this period as promotions begin almost two weeks before the actual event and continue for a time after, too.
Online security during this time
With this in mind, shoppers must consider their online safety as fraud is more likely to occur over this time. Statistics in the UK show that in the past year, 2.6 million accounts were defrauded, of which 76 percent were from remote purchases. As cybercrime becomes more prevalent, this number is only expected to rise.
“With online transactions now set to make up 77 percent of total Black Friday sales [in the UK] digital security for customers must be made a business priority. If customers do not feel safe purchasing online, retailers face unprecedented abandoned baskets and customer churn,” says Tooley.
“Consumer safety is at risk now that digital retailers have been granted an extension to implement Strong Customer Authentication until March 14th 2021 – a regulation which required two or more factor authentication on purchases over £28 ($36). In order to ensure retailers know their customers are who they say they are, authentication techniques must move away from ‘what you know,’ such as a password – which are easily phished and stolen – to ‘who you are,’ which should rely on a combination of explicit and implicit biometrics.”
Tooley continues to add that authentication needs to be a priority in order to provide a seamless and personalized experience for customers.
He continues: “A multi-factor security strategy, paired with single-step convenience on the customer’s digital device is the first step in the fight against fraud and identity theft, and results in building customer confidence. Integrating implicit authentication, such as cutting-edge behavioral biometrics, uses artificial intelligence to identify unique mannerisms, delivering the highest level of security with improved user experience, reducing abandoned purchases.”
“Businesses must get to grips with changing consumer habits, and respond to the robust needs of the digitally savvy, mobile-first customer, with security and convenience often making the top of that list,” The Veridium spokesperson adds.
However, Tooley also says that when using biometric technology into customer verification processes, making them password-less, it’s important to take a tactical approach.
“This means going back to basics and understanding the digital expectations of the customer, and utilizing the right biometric technique, for the right use case, based on the customer scenario – increasing security without the associated costs,” He says.