Is your call center the channel of least resistance?

Posted on: November 03rd, 2016 by Art Barger

The contact center is one of the oldest customer service channels out there. With so many years to improve the way we serve our customers over the telephone, you would think businesses would have perfected serving them by now. This isn’t always the case. Today, one of the biggest challenges preventing banking institutions from building more efficient and secure call center environments is ever-changing fraud tactics.

According to the American Banker article, “Why Fraudsters Love Contact Centers (Especially IVR),” when it comes to security and fraud prevention, many organizations continue to overlook the telephone channel. This provides an opportunity for fraudsters, who often target low-hanging fruit when launching attacks against businesses.

In the Contact Solutions’ infographic, the Aite Group and Verint Systems said the contact center is a growing target among social engineering scams.

“Fraudsters are increasingly attacking contact centers as the channel of least resistance.”

The infographic cites that 73 percent of organizations said shifting tactics is one of their biggest challenges to preventing fraud, while 42 percent believe contact center fraud losses will be an increasing trend in the future.

With the Interactive Voice Response (IVR) system acting essentially as the front door to a call center environment, analysts have found that one-third of all call center losses start in IVR. If this continues, it will be in the best interest of banking institutions to identify high-risk calls upstream, where attacks can be stopped before any harm is done.

Stopping telephone fraud upstream plays an important role in reducing fraud in the telephone channel. Using spoofed Caller IDs, social engineers have a leg up against unsuspecting telephone agents if the call has not been validated. That’s because knowledge-based authentication (KBA) solutions are no longer effective for validating customers over the telephone. The same can be said for impostors trying to access the IVR system. With the right information in hand, accessing parts of the telephone system — whether a caller is talking to a telephone agent or navigating the IVR system — can leave an enterprise vulnerable to fraud and abuse.

To prevent bank fraud in either scenario, validating calls must come early. For today’s banking institutions, no customer identification tool works as fast as the TRUSTID® Physical Caller Authentication solution. Before a call enters IVR or is routed to a call center agent, the exact physical location of the calling device is invisibly identified. This information instantly provides the bank a “good” or “spoofed” credential while the phone is still ringing.

When good validated callers are routed to a phone operator, agents don’t have to waste precious time or resources interrogating customers over the telephone. This allows call centers to work more accurately and efficiently when handling legitimate calls. When the call is identified as spoofed, it can be removed from the phone system in real-time, creating a more secure environment for both the bank and customer.