Customer authentication should happen before the bank journey begins

Posted on: December 16th, 2015 by Art Barger

How do you improve the caller verification process without disrupting your customer experience? That’s a question contact center managers have been trying to answer for some time now.

The truth is, there’s no one set answer. Protecting your telephone channel from fraud is an ongoing challenge, a work in progress, if you will. What we do know is risk is an ever-changing reality in today’s call center environment.

In the article, “Fraud attempts on the rise: Website, mobile, and call center fraud intensifies,” a recent study found a sharp increase in suspected call center fraud attempts, which jumped from 2 percent in 2014 to 13 percent in 2015. These trends are consistent with other similar findings, including an increase in identity theft, which rose from 19 percent in 2014 to 39 percent in 2015. Account takeovers also climbed from 33 percent to 39 percent over the same period.

As far as the most prevalent types of tactics used to defraud call centers, the report found that social engineering, voice reception and ANI deception are some of the top schemes. If these trends continue, like some experts predict, it’s important that credit unions and other financial institutions deploy real-time authentication tools that accurately identify callers without creating additional friction to the customer journey.

This is where TRUSTID comes in.

Our advanced telephone network forensics automatically validates the location of the phone calling into your contact center, the TRUSTID® Physical Caller Authentication can instantly determine the level of risk that each inbound call poses to a bank. Using a physical credential, within seconds we provide banks valuable risk information while the phone is still ringing. Based on the subscribing bank’s risk threshold, the call center can determine in real-time to transfer the call to the appropriate call center operator or remove it from the system, eliminating additional risk to the business.

Pushing “pre-call” results on every inbound call allows banks to take immediate action that’s also invisible to the caller’s experience. Keeping the caller authentication process out of the banking journey improves the customer experience and helps ensure that your business’s most important assets aren’t falling into the wrong hands.

To answer the question of how to improve your call center security without disrupting the banking experience, a good start would be removing any authentication processes such as knowledge-based authentication (KBA) that rely on personal information and require call center agents to interrogation customers on the phone. These outdated methods drive up operating costs, are easily defeated by social engineering and Caller ID and ANI spoofing scams, and disrupt the customer journey.

By proactively authenticating customers before their journey begins, banks can improve their overall customer experience while providing better protection against increasing call center fraud attempts.