Protect your enterprise against mishandled customer data

Posted on: May 04th, 2016 by Art Barger

It’s interesting to me how protective we’ve become with our mobile phones and digital devices. Yet, when it comes to our personal information, we’re too unguarded.

What makes our personal possessions more important than our private credentials? Is it the amount of data we feel so connected to? Perhaps it’s the need to access data at any given moment.

Whatever the case, when it comes to our personal data such as our birth date or Social Security number, these are very important pieces of information to each of us. Yet, throughout most of our lives we’ve freely provided them to various organizations. We’ve shared them so much through the years that we’ve become less concerned about trying to protect them. But we should.

Today, our private information is less secure than our personal devices. The Internet is a treasure trove for consumers’ sensitive information, which include the assets criminals use to conduct telephone fraud and other social engineering scams.

With sensitive customer data in hand, fraudsters can trick contact center agents into divulging financial details and other account information that can lead to identity fraud, account takeovers, and a host of other financial scams.

The problem with financial institutions that continue to use knowledge-based authentication (KBA) solutions to validate customers over the telephone channel is that the conventional question-answer interrogation falls into the trap of the nefarious caller. Correctly answering the security questions creates a false sense of trust within the call center environment. And once fraudsters catch on which banks and businesses rely on private information to authenticate callers, fraud teams double and triple their efforts against them before they are detected.

To protect their enterprises, financial institutions need a caller authentication solution that doesn’t rely on mishandled sensitive customer data to validate their customers. The TRUSTID® Physical Caller Authentication tool turns people’s phones into ownership identity tokens to identify the exact physical location of where the call is coming from. Understanding where the phone is can help determine the risk of the inbound call, making it a practical and effective way to determine if the Caller ID or ANI is spoofed, or if the caller on the other line is a real customer. And the best part is all this happens while the phone is ringing, so businesses can take action against bad calls and start helping good ones in real time.

By invisibly validating each call before agents pick up, the TRUSTID solution doesn’t impede the customer experience, and lengthy interrogations are removed from the process to save customers time and call centers money. As a result of restoring the credibility of Caller ID and ANI, banks can create a safer, more secure telephone channel for their customers.