Did you know that hackers are stealing over $1 billion value of rewards a year?

Did you know that hackers are stealing over $1 billion value of rewards a year?

Unchained Carrot uses blockchains to make your Loyalty Programs fraud-proof. 

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Photo by Fotis Fotopoulos on Unsplash

Loyalty programs are a great business for retailers, for eCommerce as well as for hackers.
From airline miles to free coffee, consumers are extremely willing to share personal information with their favorite stores for rewards. Hackers are increasingly targeting these loyalty programs because consumers often don’t treat it like real money and the systems are not safe. The end result — $1 billion a year ends up in the pocket of these scammers.

Hackers love loyalty points

Currently, in the U.S. consumers average 10 loyalty accounts per person, while racking up $48 billion stored in points and travel miles – demonstrating the massive popularity and available resources for fraudsters to pounce on. Loyalty programs are an easy target for cyberthieves to score consumer data and cash-like rewards. Typically, these programs store sensitive Personally Identifiable Information (PII), including your birth date, email or home address, and a phone number.

As we engage in these loyalty programs, we should all be thinking about the security of our information. It’s pretty straightforward for a hacker to access our information within these reward programs. They can leverage previously compromised credentials from prior data breaches to log in to an account, known as “credential stuffing”. From there, they can place orders using the victim’s points and credit card information. They can also sell the rewards and information for a profit in the Dark Web, or to gain access to even more PII.

Mobile OS vulnerability fuels the fire

Consumers crave convenience and are willing to accept certain risks to make life more convenient. 

The adoption of mobile rewards cards, where the cashier can scan a phone to capture the user’s profile and apply it to the transaction instantly, creates additional risk through mobile vulnerabilities for rewards.

Loyalty apps are often insecure and easy to access, especially if we use the same passwords for multiple accounts. Make sure your phone is protected from rogue apps by downloading only from the approved app stores. Be sure to use a different password for each reward program you join and change them regularly just as you would with financial or credit account logins.

Stay current with the number of points you have in your rewards accounts. Be suspicious of emails that ask you to log in to your account to change your information. Phishing emails like this are often a gateway for cybercriminals to record your information and perform account takeovers. Do not click any links within the email. Instead, go directly to the retailer’s website and log into your account directly to see if something is wrong.

Make your loyalty system hackers proof

Check your loyalty system and make it safe, you don’t want your customers’ data stolen! Make sure fraudsters are not hacking your system and stealing your hard-earned customers’ information.

Unchained Carrot can help you in designing and building a secure loyalty system for your store or online shop.

Source: https://www.business2community.com/cybersecurity/reward-risks-hackers-are-targeting-your-loyalty-points-02207100 

 

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