Fraudsters use sophisticated techniques to exploit vulnerabilities in contact centres and gain access to consumers’ bank accounts or vital security information that enables them to obtain funds illegally. Learn more about these techniques in our blog: How do they do it? Three key fraudster tactics.
Banks must ensure they have sufficient defences in place to protect their customers.
Given the variety and complexity of tactics fraudsters use, there’s no single solution for preventing contact centre fraud. Instead, a layered approach to security should be applied. For a comprehensive overview, read our Fraud Prevention Report:
The typical security methods that call centres apply include:
1. Customer authentication via IVR
This works by associating a customer’s telephone number with their bank account to allow automated checking via the IVR (Interactive Voice Recognition). Each time a customer calls the contact centre, their number is matched to verify that the person calling is indeed the account holder. This method of authentication is not immune to masking or spoofing by fraudsters, so on its own, it will not be sufficient to deter or prevent attacks. But it is a good start.
2. Knowledge-based authentication (KBA) methods
Another layer of protection that can be applied is to request information that only the account holder knows. This is known as knowledge-based authentication (KBA) and includes security questions, such as the name of your first pet or your mother’s maiden name. However, it is important to remember that scammers have become highly adept at data harvesting using techniques such as quizzes on social media to identify possible answers or social engineering techniques to convince CSRs to bypass these controls.
3. Voice biometrics
Like fingerprints, our voices have a unique pattern. Voice biometrics use this pattern to validate a customer’s identity. Many call centres use voice biometrics to add another layer of defence. Similar to other methods, though, they are not immune from being manipulated by scammers. Techniques such as mimicry, voice synthesis and even DeepFakes can fool voice biometric authentication systems.
Learn why banking contact centres are vulnerable to fraudulent activity and the tactics used by fraudsters to target them. Download the Smartnumbers Banking Fraud report.
4. Training for customer service representatives
Each CSR (Customer Service Representative) should receive training to help them spot social engineering attempts and arm them with the confidence and responses to avoid breaching security controls.
This training is important not least because contact centre agents’ instincts are to ‘put the customer first’ and provide the best customer service. So it can sometimes be difficult for them to resist the pressure when they’re being targeted by a skilled scammer.
5. Smartmumbers Protect – front line defence
The above solutions mitigate attacks once the call has entered the contact centre environment. But what if an additional layer could be implemented before calls enter the IVR system or are put through to a call centre agent? This is where newer technologies such as Smartnumbers Protect can help.
By analysing calls before they’re answered, calls can be identified according to their fraud risk and routed appropriately. Suspicious calls can be sent for further investigation, while the authentication of legitimate calls can be streamlined and customer service levels improved.
Fraudsters can manipulate people more easily than they can technology. Smartnumbers adds a much-needed first line of defence and bolsters other fraud prevention techniques without impacting customer experience.
For further details on Smartnumbers Protect, read the brochure.
If you’d like to discuss the best approach to fraud prevention for your contact centre, email Smartnumbers now for an exploratory conversation.
