The challenge of spotting criminals over the telephone channel often plays out like a game of cat and mouse. Crooks use false information to mask their true identities. After spoofing their caller ID to make it look like someone else is calling, they try to convince call center agents they are genuine banking customers.
Armed with enough personally identifiable information (PII) to apply for credit, activate bank cards, transfer funds and defeat PII-based authentication solutions, many criminals continue to successfully socially engineer bank representatives by correctly answering the security questions required by more traditional knowledge-based authentication (KBA) tools.
From an authentication standpoint, the call center environment has somewhat turned into a masquerade ball of disguises, where it’s anybody’s guess as to who is who. The financial services industry can no longer operate within a guessing game environment anymore. Fielding more than 50 billion calls a year, call centers need to have the appropriate tools in place to quickly and accurately authenticate all inbound calls.
As criminals do everything they can to slip past PII-based authentication solutions, it’s more important than ever for financial institutions to deployed effective security measures to identify customers in real time.
Using a patent-pending telephone firewall that includes telephony databases, real-time network forensics and specialized analytics, the TRUSTID® Physical Caller Authentication tool authenticates the calling party number before the call center agent picks up. This allows banking institutions to prevent spoofed calls from being routed to bank representatives, and in doing so, call center agents don’t waste their time interrogating known high-risk calls. Instead, they spend more time servicing good customers and improving the overall customer experience.
With the volume of customer calls increasing every year, operational efficiency is becoming a key component in the authentication process. By invisibly identifying risky calls and not interrupting the customer service process with unnecessary telephone interrogations, TRUSTID helps banks unmask criminals before they’re allowed into the party.