Phony bank callbacks. Fake robocalls. Customer impersonators socially engineering call center agents. How does anyone really know who they are talking to over the telephone these days?
Trust over the telephone channel has clearly gotten out of control; so much so that financial institutions today cannot afford to operate without effective authentication tools that allow them to identify whether they are talking to a legitimate customer or an actor hiding behind a spoofed Caller ID or ANI. If not, banking institutions and their customers will continue to fall victim to criminals who successfully socially engineer bank representatives over the phone to obtain personal information and access legitimate bank accounts.
What if you could validate the legitimacy of every call coming into your contact center before your agents even picked up the phone? How valuable would that be to your security strategy, business operations, and your overall ability to provide a better customer experience, all at the same time?
For years, banks have relied on knowledge-based authentication (KBA) tools to identify customers over the telephone. As bank fraud has evolved, particularly over the telephone channel, criminals have found ways around traditional defenses that depend on personally identifiable information (PII) to trick unsuspecting bank reps into divulging private information or allow access to customer accounts.
Various spoofing technologies and the Internet have played roles in the evolution of bank phone fraud, but if we aren’t careful our own defenses can also be counter productive in our efforts to protect our customers and proprietary company information. Relying solely on KBA to identify banking customers over the telephone today is essentially operating under a false sense of security. And if we think we are authenticating customers, when in reality we’re are simply unknowingly letting more through, will only add to the problem and overall fraud loss.
Stopping bank fraud over the telephone channel requires the ability to instantly authenticate inbound phone calls before they are answered. It’s that simple. This doesn’t give criminals the chance to leverage their weapon of choice — the telephone — to perpetrate fraud. And unlike KBA solutions, it doesn’t test the goodwill of our customers through identity-interrogating, which is non-predictive in analyzing risk, anyway.
A security solution like the TRUSTID® Physical Caller Authentication tool works like a one-way mirror to telephone fraud. Using real-time telephone network forensics to invisibly determine the authenticity of the caller’s phone number before the call is answered, TRUSTID instantly validates the physical location of the landline or mobile phone making the call. Financial institutions can use this undetectable caller authentication to stop criminals in their tracks with zero impact to the call center agent’s work time or additional telecom costs.
On the flip side, this non-intrusive method allows banks to route good customer calls to the appropriate operator pool, where a bank representatives can immediately start serving their needs for a better overall customer experience.