Automated customer authentication tricks the trickster

Posted on: July 31st, 2014 by Art Barger

To bypass a bank’s fraud defenses, today’s criminals don’t leave any stone unturned in their attempt to find a vulnerability within the company’s business infrastructure. With financial institutions providing more ways than ever for customers to access their accounts and confidential information, innovative crooks see multiple banking channels as a smorgasbord of criminal opportunities.

When it comes to the telephone channel, criminals are well versed in highly deceptive socially engineering schemes. From spoofing their Caller IDs to impersonating genuine customers by answering security questions, they can create their own keys to access your bank’s sensitive customer data and your customers’ private bank accounts.

Denying criminals the keys that allow them to take over accounts is one of the goals of customer authentication. When it’s all said and done, your authentication processes must trick the trickster in order to thwart bank fraud. What I mean by this is denying them the very platform they use to set up their trap. With a plethora of Caller ID spoofing tools and sensitive customer data via social networking websites at their disposal, bank thieves come fully armed to do battle. Your telephone system should, too.

Authentication processes may not take away a crook’s fraud arsenal, but there’s a way to eliminate the battlefield over the telephone channel. Forget trying to outsmart a professional criminal with knowledge-based authentication (KBA) tools. These methods only give them a fighting chance. Instead, why not eliminate the fight altogether? This way your business isn’t relying on the telephone channel’s weakest link — people — to determine which calls should and should not be trusted.

The TRUSTID® Physical Caller Authentication solution confirms the authenticity of the call before criminals have the opportunity to socially engineer call center agents. Before the inbound call is picked up, TRUSTID automatically validates the physical location of the mobile phone or landline using advanced telephone network forensics. By invisibly identifying the caller’s location in real time, the gig is up before the fraudster even knows what happened. Businesses can deny known fraudulent calls, which are then removed from the phone system, to eliminate expensive labor costs when agents try to identify impostors with a bunch of security questions.

Each year, your call center handles more and more customer calls. These numbers are now exceeding hundreds of thousands of calls, if not millions, annually. Having proactive customer authentication can speed up the customer identification process so your telephone agents spend more time resolving more legitimate customer issues. This not only results in better overall customer service, but can help lower your annual operating costs, too.