When we talk about call center authentication, we’re essentially talking about two things — accuracy and efficiency.
Sure, there are many tools that are designed to identify customers in their own way. But what differentiates one solution from another is the speed and accuracy that it takes to validate calls. In the end, authenticating customers over the telephone channel comes down to how quickly we can analyze risk, which is the indicator that helps banks agents determine whether or not the caller is who they say they are.
While caller ID spoofing can impact banks in many different ways, including bank fraud, the bank-customer relationship and damage to a corporate brand, the time takes to validate customers over the telephone channel can be just as important, and costly. Relying on traditional knowledge-based authentication (KBA) to verify customers over the telephone can also have a negative impact on banks due to the amount of time it takes to verify customers.
For financial institutions that depend on KBA to identify customers over the phone, here are a few things to consider:
The bottom line is there are various costs that come with authenticating customers. Cost in the form of trust, cost in the form of labor and operational expenses, and cost in the form of fraud. All of this can weigh in the balance of how fast call centers can authenticate callers without disrupting the overall customer experience.
There will always be a cost for authenticating customers over any bank sales channel, including the call center. However, banks should not have to accept telephone fraud, lost customers and operational inefficiencies as the cost of doing business.