Does your authentication process see the big picture?

Posted on: November 18th, 2015 by Art Barger

We all know caller authentication helps us better protect our contact center environment from bank fraud and other social engineering schemes. While no one will argue that the essence of customer identification is to secure our private customer and business data, but we at TRUSTID believe that’s only half the story.

Along with creating a more trusted and safer telephone channel, caller authentication also plays a critical role in other areas including operational efficiency, the banking journey and overall customer-business relationship.

Some of the shortsightedness often falls on how financial institutions identify customers. To ensure customers they are doing their due diligence, many banks include the authentication process as part of the actual banking experience. But this doesn’t have to be the case. In fact, we believe knowledge-based authentication (KBA) methods negatively impact customers and call center operations in several ways, including:

  • Creates a false sense of trust: Using challenge questions to validate callers sets a false sense of security for both banks and customers. We know now that trusting someone answering personal questions over the phone is no longer predictive for identifying customers. Today’s advanced social engineering tactics are too clever for a simple Q&A. Relying on them puts everyone at risk.
  • Doesn’t respect customers’ time: When customers have a problem, they want answers. And they want them fast. That’s why they reach out to contact centers in the first place. If getting their issues resolved is interrupted by a telephone interrogation, it’s going to leave them annoyed and frustrated. Not respecting your customers’ time is precisely what KBA questions do.
  • Adds unnecessary labor costs: When it comes to your call center operations, time is money. The more time your telephone agents spend on the phone, the more your bank spends on additional labor costs. While many financial institutions still use personal questions to identify callers, this method is not only outdated, but it creates a greater risk to your sensitive customer information, as well as your relationship with your customers.

Instead of including challenge questions as part of the telephone banking experience, integrating automated authentication removes frustrating disruptions without adding unnecessary costs or security risks to your customers or confidential business data.

Through the TRUSTID® Physical Caller Authentication solution, customer validations are performed in real-time before the phone is picked up. Invisible to good and bad callers, our advanced telephone network forensics locates the physical location of the calling device, creating a risk assessment that gives banks valuable intelligence on whether the call is coming from a legitimate customer or is spoofed. Banks can act on this information in real-time to deny the call or forward it to the appropriate operator. In other words, good calls are passed on to agents who can immediately start serving their needs while bad callers are removed from the telephone system.

By automating the telephone authentication process, financial institutions realize the full business benefits of improving the security of their call center environment, as well as enhancing their overall efficiency and profitable bank-customer relationships. Now that’s seeing the big picture.