Contact center fraud attacks have increased substantially in recent years due to the EMV transition and data breaches. Despite the intent to administer positive and timely customer experiences, contact centers often fall victim to social engineering methods that enable fraud attacks.
Fraud attacks increase operational costs, decrease customer satisfaction, and jeopardize brand reputation as customer data is repeatedly lost to fraud. Aite Group, an independent research and advisory firm focused on business, technology, and regulatory issues, interviewed 25 executives at 18 of the top 40 largest U.S. financial institutions in order to examine the current condition of the market and determine the most effective technology solutions for solving cross-channel fraud.
Current State & Fraud Loss Prevention Highlights
- Contact center fraud loss is expected to double by 2020.
- 61% of fraud can be traced back to the contact center, but it doesn’t end there. Fraud is a cross-channel problem.
- Contact center security vulnerability severely burdens a business.
- The right technology solution provides security without minimizing customer satisfaction.
According to Aite, guaranteeing optimal protection against fraud in the contact center requires multiple layers of security. Since contact centers have been under attack more than ever before, several types of security solutions have been created to solve the problem. Of the 23 different technology solutions reviewed by leading executives, Pindrop’s phoneprinting and voiceprinting technologies hold the highest combined ranking on industry awareness of the product, overall product ranking, and likelihood for referral.
Join Aite’s Senior Analyst, Shirley Inscoe, and Pindrop’s Director of Research, Dr. David Dewey, for an online discussion on the growing threat of fraud in the contact center and the best practices for detection and prevention.
Contact Centers: The Fraud Enablement Channel
September 13, 11:30 AM – 12:30 PM