International Journal For Multidisciplinary Research

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Securing Phone Numbers as the Most Widely Used Member Identifier: Preventing Fraud in Retail Transactions Through Advanced Authentication Methods

Author(s) Mithilesh Ramaswamy
Country USA
Abstract Phone numbers are one of the most widely used member identifiers in retail loyalty programs due to their accessibility and simplicity. However, their use introduces significant security vulnerabilities, including unauthorized access, account takeovers, and phishing attacks. These vulnerabilities are particularly detrimental in retail transactions, where loyalty points and customer data are attractive targets for fraudsters. This paper examines the risks associated with phone numbers as identifiers and proposes a comprehensive framework to mitigate fraud in loyalty programs. The framework integrates advanced authentication techniques, such as Near Field Communication (NFC), Multi-Factor Authentication (MFA), and One-Time Passwords (OTPs), with real-time transaction monitoring and behavioral analytics. By implementing these measures, organizations can reduce fraud, protect customer trust, and maintain the integrity of retail loyalty programs. The paper also references recent statistics on retail identity theft, supported by academic research, to demonstrate the urgency of implementing robust security frameworks.
Keywords Phone number security, retail transactions, loyalty program fraud prevention, advanced authentication methods, NFC authentication, multi-factor authentication, one-time passwords, fraud detection, retail identity theft.
Published In Volume 6, Issue 5, September-October 2024
Published On 2024-09-24
Cite This Securing Phone Numbers as the Most Widely Used Member Identifier: Preventing Fraud in Retail Transactions Through Advanced Authentication Methods - Mithilesh Ramaswamy - IJFMR Volume 6, Issue 5, September-October 2024. DOI 10.36948/ijfmr.2024.v06i05.22464
DOI https://doi.org/10.36948/ijfmr.2024.v06i05.22464
Short DOI https://doi.org/g82hrn
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