How sensitive customer data drives up operating costs

Posted on: March 26th, 2014 by Art Barger

Sensitive customer data is just that — sensitive information. The more it’s moved around, the more vulnerable it becomes.

Financial institutions and other organizations that use personally identifiable information (PII) to authenticate customers over the telephone channel must collect, securely store, and even send sensitive customer data to third-party vendors. Having private data moving around only increases the risk of your confidential customer and business information falling into the wrong hands.

This is one of the achilles-heels of knowledge-based authentication (KBA) solutions. Storing personal data that will eventually be used to verify the authenticity of customers calling into your contact center must be managed, maintained and protected at all times. For bank call centers looking to enhance their telephone authentication processes and cut operating costs, KBA methods may be counterintuitive to those efforts in two very big ways:

  • Security questions: Relying on knowledge-based credentials to validate customers over the phone not only tests the trust and goodwill you’ve established with your customers, but the vulnerability of today’s PII-based challenge questions are no longer predictive for identifying customers. 
  • Customer data management: Storing and securing sensitive customer data requires additional time, resources and expertise that can drive up overall operating costs.

Using the TRUSTID® Physical Caller Authentication solution to validate the Caller ID and ANI pre-answer, banks and businesses don’t have to rely on PII-based solutions to authenticate inbounds calls. Instead, our real-time telephone network forensics verifies the call before it is picked up by a call center agent.

By eliminating the need for security questions to interrogate customers over the phone, TRUSTID doesn’t require banks to manage sensitive customer information. Doing so removes additional operating costs and mitigates the risk of your confidential customer and business data being breached or compromised.