July 26, 2019
Trends in Insurance | How Can We Prevent Fraud?
Across the board, insurers found they were experiencing a huge…
Did you know $14 billion is lost annually to phone fraud? Making the call center a common target to fraudsters, as most enterprises’s weakest link. Knowledge based authentication (KBAs), ANI verifications, and voice biometrics alone don’t stand up to sophisticated fraudster attacks – calling for your authentication solution to step up.
In hopes to decrease the amount of KBAs required to authenticate customers, while improving overall customer satisfaction, one of the country’s largest stock brokerages turned to us for help.
In order to verify callers, the brokerage would ask four KBAs and anyone unable to answer would be put through a deeper level of scrutiny. The four questions would add 30 seconds to each call – and further questions would result in more time added, which turned out to include at least 20% of the callers.
The brokerage was surprised to find their customers having so much difficulty answering the KBAs. On the other hand, thanks to common data breaches, fraudsters are easily able to track down the answers to these KBAs on the dark web.
With the technology provided by Pindrop, the brokerage was able to validate 80% of inbound calls, and reduce 50% of calls to only 2 KBAs. The limited number of knowledge based authentication questions allowed the brokerage to reduce their call handle time by 44 seconds – saving an annual $1.3 million in operational savings.
To find out more about this brokerage, Pindrop’s technology, and authentication – contact us.