New Feature in Raconteur About Holding Customers Accountable for Authentication
Banks and financial institutions are always looking for new ways to improve processes and deliver a better experience for all players in the payments process. In a new feature for Raconteur, Chargebacks911 Director of Relationship Management Craig McClure suggests that consumer education is the key to striking a balance.
Raconteur is the weekly business pull-out distributed in the UK and abroad by The Times, a major print paper reaching more than 1 million readers daily. Many of the paper’s regular readers include company directors, chairpersons, and executives, with Raconteur’s goal being to challenge and inspire decision-makers and help them make better business decisions.
As Craig explains in the piece, banks have a major role to play in ensuring the long-term sustainability of the marketplace. They are in a perfect position to foster the kind of consumer education we need. "Banks have a duty to look after their customers' money,” he says. “To get customers to move to new and more secure ways of paying requires patience, education, and reassurance.”
There is a delicate balance to managing fraud in the contemporary market. If our standards are too lax, it encourages consumers to abuse processes, as we’ve seen with the uptick in friendly fraud. However, we also can’t expect buyers to take the blame for fraud when they’ve already been victimized by abuse.
“We can never expect customers to be responsible for fraud unless they have acted with gross negligence,” Craig says.
