The underground economy has grown into a 24-hour assembly line of stolen identities.
The recent article, “Banking’s customer identity crisis,” cites a SafeNet report that says 1,355 personal identities are stolen every minute around the globe. With so much information being compromised each day, criminals appear to have an endless supply of personal data and credentials they can use to launch a number of fraudulent activities across multiple banking channels. From fraudulent transactions to account takeovers, thieves have gained the upper hand against knowledge-based authentication (KBA) solutions. And the result is not good for banks that still rely on personal data to validate customers over the telephone channel.
Employing innovative social engineering techniques, crooks do more than just trick call center agents into divulging sensitive customer account information. Aside from fraudulent behavior, there are many more long-term repercussions at stake for call centers, including:
Look, we all want to continue improving the overall banking experience for our customers. We want to make it faster and easier for them to perform transactions without sacrificing our ability to provide a secure environment and remain competitive in the today’s marketplace. But the escalating threats and competitive pressures continue to make it a challenge for financial institutions to stay ahead of the curve.
While expanding new services is one way to help customers bank more efficiently, it can also come at a price if you’re using caller authentication solutions that disrupt or counteract the process. With so much personal information clearly getting in the wrong hands, implementing automated customer identification tools that proactively authenticate callers can help lower long-term operating costs, improve the customer experience, and provide a safer channel for your customers to bank on.
The TRUSTID® Physical Caller Authentication solution validates incoming calls while the phone is still ringing. Within seconds, banks receive credentials letting them know if the call is spoofed or coming from a legitimate customer. The call is then automatically routed to the appropriate operator or IVR system, which can begin serving the customer instead of putting them through a lengthy, intrusive interrogation process. By removing the unnecessary steps that get in the way of providing excellent customer service, criminals aren’t given the opportunity to perpetrate identity fraud using stolen information. And the best part is, banks and businesses save on labor costs, create a more efficient and secure environment, and deliver a more satisfying overall experience for their customers.