Is it possible to accurately predict whether a caller is going to mislead a call center agent before it actually happens? Can fraudulent activity truly be prevented? The way many financial institutions authenticate customers over the telephone today, the answer is simply no. That’s because they rely on challenge questions to determine whether a caller can be trusted or not.
Herein lies the problem: The fact that a bank representative is on the phone with a crook puts them at a disadvantage. With knowledge-based authentication (KBA) solutions, call center agents are at the mercy of the person at the other end of the line. Security questions don’t seem to be much of a hurdle for today’s criminals. In fact, when bad actors correctly answer a series of questions, they can gain the trust of bank agents, tricking them into divulging private data. If, and when, fraud is eventually detected down the road, it comes after the fact, when the perpetrator is long gone but has the sensitive data they need to sell to others or use it to commit all sorts of crimes against financial institutions.
Even if KBA did catch a criminal in the act, the interrogation process itself takes up valuable time and resources from your bank employees. Sure, you could say it was time well spent, but is it the most timely and cost-effective method for identifying customers over the phone today? Certainly not.
When decisioning inbound calls, whether legitimate or high risk, it’s much more effective to know who you are talking to before the conversation begins rather than taking a minute or two to determine if a call is or is not trustworthy. The Internet has made KBA no longer predictive for identifying customers over the telephone channel. By eliminating the series of questions at the top of each customer call, banks can also improve the customer experience. Enter TRUSTID.
Using real-time telephone network forensics to verify the exact location of the landline or mobile phone calling in, the TRUSTID® Physical Caller Authentication solution removes the customer interrogation process altogether by validating whether the call is authentic or high risk before the phone is answered. This information allows financial institutions to automatically route good calls to contact center agents, who can immediately begin addressing the customer’s needs the moment they pick up the phone.
As for criminals and social engineers intent on impersonating customers to get their hands on sensitive financial details, with TRUSTID banks and other businesses have the real-time intelligence they need to accurately predict who the bad callers are and prevent them from reaching their IVR system or a bank representative.