July 26, 2019
Trends in Insurance | How Can We Prevent Fraud?
Across the board, insurers found they were experiencing a huge…
Following Call Center Fraud Vectors & Fraudsters: Analyzed, Pindrop’s Director of Fraud Prevention and Strategy, Shawn Hall, hosted a webinar explaining the methods used to defeat the fraudsters originally identified. Fraudsters may have their own unique modus operandi, but together feed into the global pain of the $14 billion call center problem. From January 2016 to August 2017, the call center has experienced a 160% increase in the global fraud call rate, a rise from 1 in every 937 calls to 1 in 769 calls being fraudulent.
The continued rise in call center fraud can be attributed to fraudsters’ evolving success as they prey specifically upon call centers employing failing single-factor solutions and the agents’ goal of delivering an exceptional customer experience. Call center agents may also be characterized by a skewed understanding of the existing fraud problem, paired with a lack of training and internal resources to detect fraud attacks.
Additionally, “one-size-fits-all” solution approaches will not detect all fraudsters. Each fraudster utilizes different combinations of techniques, each making up a separate piece of the large, overall fraud economy.
“The high volume of calls required for data dealing triggered our calling behavior anomaly detection engine. This allowed us to generate a phoneprint for this fraudster, and catch him any time he called, going forward.” – Pindrop® Labs
“In order to appear like their victims, fraudsters will often spoof the caller id of the real account holder. When this occurs, Pindrop is able to detect that the caller is not who the caller id says they are.” – Pindrop® Labs
The fraud landscape is expansive, and each fraudster utilizes different techniques that are constantly evolving with the call center. The lack of proprietary technology in place to deter next generation call centers and the lack of multi-factor solutions allow fraudsters to easily take advantage of the call center. In order to protect the call center, a multifactor authentication solution that focuses on enhancing customer experience while deterring fraudsters is necessary.
To learn more about how we defeated additional fraudsters, view the on-demand session of Call Center Fraud Vectors & Fraudsters: Defeated now.