The biggest corporate data breaches of 2014 accounted for nearly half a billion stolen customer records. With everything from proprietary information, credit card numbers, login credentials and other sensitive customer data in the hands of thieves, then passed along to other criminals purchasing the stolen credentials from underground websites, more than ever all customer channels need to have the appropriate authentication tools in place to accurately identify customers.
With more mishandled personal information out there, it’s imperative that authentication solutions aren’t prone to social engineering scams. For call centers that still rely on knowledge-based authentication (KBA) to identify callers, your business and customer accounts can be vulnerable of identity-driven tactics aimed at tricking telephone agents in to divulging private data.
What does this all mean for bank call centers? Large data breaches can lead to criminals using the stolen assets down the road to impersonate real customers and access their accounts. This can present many challenges to today’s contact centers, including:
1. Meeting customer expectations: Today’s customer needs are higher than ever. Consumers expect the banking experience to be fast, convenient and secure. Falling short of this can impact a bank’s overall reputation. This is why making sure adequate authentication processes are in place to safeguard call center environments and identify customers faster is a priority for many banks.
2. Improving the authentication process: KBA is no longer predictive for identifying customers. Financial institutions that rely on customer data to verify callers aren’t improving their authentication process. If anything, they’re becoming more susceptible to social engineering scams and adding more operating costs with lengthy telephone interrogations.
3. Identifying customers faster: We all know that the sooner we determine the authenticity of the inbound call, the better. Proactively knowing if a caller can be trusted gives banks a huge advantage for taking real-time action to route good callers to the appropriate operator faster for a more efficient customer experience.
4. Reducing fraud risks and bad experiences: A call center’s fraud detection capabilities are critical to every transaction. Automatically identifying a spoofed Caller ID and ANI in real-time allows banks to act before a criminal can fool a call center agent into divulging too much information that can lead to account takeovers or other fraudulent activity.
Now more than ever financial institutions need to take the necessary steps to quickly and effectively validate callers over the telephone channel. With the help of the TRUSTID® Physical Caller Authentication solution, banks and other enterprise can deploy important customer-identifying methods that don’t rely on KBA.
TRUSTID uses real-time telephone network forensics to identify the physical location of the calling device. This information is passed along to the business while the call is still ringing, allowing for banks to make fast decisions on each call based on the level of risk. By invisibly making quicker decisions on all inbound calls, financial institutions can improve customer service and rid their telephone system of bad actors that are the aftermath of identity theft and corporate data breaches.