31st March 2021

Building an ecosystem to prevent fraud without impacting the customer experience

Prevent fraud

By Abhinav Anand

I recently wrote a guest blog for UK Finance and provided my thoughts on how to create an ecosystem to streamline customer authentication and prevent fraud. Please find below a summary of my blog. 

Fraudsters are cunning. By probing different customer channels, they search for weaknesses to gather information and set-up an attack. To minimise the impact of fraud, it must be detected as early as possible. However, banks have many customer interaction points with a lot of entrances that need to be monitored and kept secure. To create an effective defence, banks need to have a holistic cross-channel fraud detection strategy in place.

Challenges impacting the effectiveness of a cross-channel fraud detection strategy 

This type of strategy requires participation from Fraud Prevention, Customer Authentication and Customer Satisfaction teams. However, each section of the business experiences a different part of the customer journey, gathering insight locked into different systems. What may look acceptable in isolation can, in reality look suspicious when put in the larger context. 

Online fraud detection platforms have been set up to monitor interactions. They gather information about payments, cash machine usage and digital channels. However, they are often missing critical real-time telephony data.

Real-time telephony data enhances fraud detection and improves authentication

Adding systems that analyse call signalling in real-time increases the amount of fraud stopped by 40%. Analysing real-time telephony data also makes it easier to detect trustworthy callers and enable them to complete more self-service options in the Interactive Voice Response (IVR). Furthermore, when the customer does reach an agent, fewer checks need to be completed to confirm the caller’s identity — providing a better caller experience and decreased overall cost.

Streamline customer authentication and fraud prevention

Working with UK Finance, we brought together some of the banking and finance industry’s leading experts to share their advice on eradicating fraud in the contact centre.

Check out our new eBook, packed full of guidance on how to traverse the customer experience and fraud prevention tightrope, and keep your customers safe.

Also, please read my full blog on the UK Finance website here.