Consumers, call centers run ongoing risk of phone fraud

Posted on: June 26th, 2013 by Art Barger

Anyone who has a landline or mobile phone is at risk of phone fraud. Any business or financial institution that uses multiple phone lines or a call center for customer service can also run a high risk of being duped by social engineers.

I’m not implying that the risk of a business being victimized by phone fraud is any higher than a person picking up their phone where a spoofed Caller ID says it’s their bank. But a contact center agent receiving an inbound call from a criminal impersonating a legitimate customer is as real a possibility as someone receiving a random fraudulent call.

The fact that both of these scenarios are taking place around the clock simply means that individuals and call centers not only have to be aware of looming threats, but also need to have the right anti-fraud technologies in place to protect their business and confidential information from getting into the wrong hands.

Preventing telephone fraud starts with ongoing education, which is a must in today’s call center environment. The fact is, many people still trust the telephone. This means call center representatives in particular need to be aware of Caller ID spoofing and social engineering scams. Without knowing the latest tricks criminals are up to, consumers and call center agents can, and will, fall victim to these crimes.

For consumers, understanding fraud trends and making sure they stay on top of security updates is essential to avoiding phone fraud.

For call centers, education and training is important, but it’s not enough. Businesses and financial institutions also need to deploy effective tools that can proactively detect high-risk calls without interrupting the customer experience.

Using real-time telephone network forensics, the TRUSTID® Physical Caller Authentication solution non-intrusively validates the authenticity of all inbound calls to determine if they are spoofed or legitimate before the phone is answered. An anti-fraud defense like TRUSTID, which invisibly identifies the risk of each customer call in real-time, can play a critical role in protecting a business and its customers’ private information from fraud over the telephone channel.