A key part of using social media data is to establish identity online. Many are already using sites like Facebook, Google+ and Linkedin as identity services.
60% of the 200 merchants surveyed already use social data in their review processes. However, much of this involves ad-hoc or manual processes. 52% said they were ready to make better use of the data but lacked the knowledge to do so.
Social logins help automate the identity service somewhat, and 35% of respondents already use social as part of their customer login process. 56% also said they place greater trust in customers who use social logins.
58% of respondents admitted to collecting data they don’t use in fraud-prevention efforts, and 85% agreed that they need greater insight into their data if they are to fight fraud. One big way to leverage this data is to automate its collection and examination. Respondents noted that unexpected information and trends can be surfaced by intelligent software, leading to predictions of fraudulent intent.
93% of respondents said they constantly plan ahead and make use of the latest technologies in an attempt to prevent ever more complicated scams and fraud attempts. There is still turmoil in the market, and while social data and social logins could help, there’s still a long way to go before a bulletproof solution emerges.
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