Preserving your bank’s integrity

Posted on: May 25th, 2016 by Art Barger

Integrity plays a key role in your bank’s ability to attract new customers. So, when we read that the call center is the next fraud frontier, it’s enough to make any contact center manager sit up and take notice. 

The recent article, “5 Bank Fraud Developments Coming in Second Half of 2016,” estimates that 90 percent of all fraud scams targeting enterprises have at least one touch point with the call center. With the number of fraudulent calls in the U.S. going up by 29 percent each year, banks need a stronger defense against spoofed calls to effectively protect their customers and business reputation.

The reason why the telephone has been the most frequent way fraudsters reach their U.S. victims for the third straight year is because it’s too easy for them to fool call center agents into believing they are actual customers. Using the latest Caller ID spoofing techniques, the bad guys have many inexpensive tools at their disposal to hide their true identity over the phone. And because many contact centers still rely on knowledge-based authentication (KBA) solutions to identify their customers over the telephone channel, crooks often get away with social engineering schemes that enable them to take over accounts, make illegal money transfers and commit identity fraud.

However, when a bank leverages an automated authentication solution like the TRUSTID® Physical Caller Authentication tool that doesn’t rely on sensitive customer information to validate calls, the result is a faster, more predictive experience compared to other conventional KBA customer-identification methods.

Today’s advanced social engineering scams that are built on spoofed Caller IDs and personal details are highly effective against KBA tools. But when you focus on the physical location of the calling device before the phone is answered, like TRUSTID does, enterprises can instantly identify the level of risk to block bad calls or quickly accept good ones in real time.

Taking up the customer’s precious time to interrogate them over the phone is no longer needed because the entire authentication process can be done behind the scenes while the phone is still ringing. Financial institutions can now remove validated spoofed calls from their telephone system without interrupting their good customers’ experience with lengthy telephone interrogations.

The result of proactively stopping criminals in their tracks and accepting good calls faster provides a more secure, efficient and protected environment for your customers. You build stronger, more trusted relationships with them and strengthen the overall integrity of your brand, all by automating a process that would otherwise cost your call center operations more time and money.

Nothing is more important to your bank’s brand than establishing and maintaining trust with your customers. By automatically validating all incoming calls before agents pick up, TRUSTID helps financial institutions preserve their integrity by validating calls earlier and more accurately than other customer identification tools on the market today.