According to Gartner’s recent report, “Don’t Let the Contact Center Be Your ‘Achilles Heel’ of Fraud Prevention”, “Security and risk management leaders should invest now in fraud prevention technology and strategies to protect their enterprises from increasingly sophisticated attacks.”
The 2016 Call Center Fraud Report
Pindrop Labs reviewed phone fraud activity affecting financial institutions, retailers, and consumers since 2014 to understand the frequency of attacks and the potential consequences of fraud. This report provides a unique view into the risk facing call centers and international consumers.
1H2016 Top Consumer Phone Scams
Consumer phone scams are often just the first step in a larger account takeover attack, as fraudsters phish for personal information. Our research team at Pindrop Labs recently analyzed 100,000 calls from the first half of 2016 to learn the types of phone scams being conducted, as well as the methods and motives of the perpetrators.
Contact Centers: The Fraud Enablement Channel
Armed with breached data and social engineering tactics, organized fraud rings are probing financial institutions for the information they need to access customer funds, and the point of least resistance is often the contact center. Account takeover fraud is so commonly enabled through the contact center that it should be renamed the cross-channel-fraud-enablement channel. But can technology thwart these threats?
The UK Contact Centre Decision-Maker’s Guide 2016 Report
Customer security processes are about two factors: are you who you say you are, and are you allowed to do what you are trying to do? Until a few years ago, many businesses relied on trust that the caller was who they claimed to be. Today, strong identity verification processes are now seen as critically important. The increasing focus upon fraud detection, strengthened by the need to comply with regulations, has meant that identity verification continues to become more important year-to-year, yet businesses have been slow to take up alternatives to traditional response methods.
RIS Retail Report
Retailers’ existing traditional security systems are not robust or secure enough to handle the increasing volume of data filtering across web-enabled processes and devices. Brands operate legacy-based point-of-sale hardware, software and payments terminals — all of which are becoming vulnerability points. A digitally-influenced retail experience may enable brands to conduct business from a variety of touch points, but it is also putting their enterprises under siege from cyber-criminals.