While customers are increasingly choosing digital channels to consume banking services, the phone remains a prominent method to resolve critical or complex queries.
New technology and regulations have secured card payments but when that fails customers turn to the contact center for resolution.
Without equivalent security the contact center is vulnerable. Not only are frustrated customers trying to release legitimate payments, fraudsters are exploiting the vulnerability which has led to an increase in catch-and-release fraud.
But that’s not all. For many, the interactive voice response (IVR) system is the front door for customers using the phone and enables them to complete self-service transactions at their convenience, but fraudsters can target the IVR to harvest the information they need to socially engineer customers/agent to commit other types of fraud.
Fraudsters easily mask their identity by spoofing their phone number or simply withholding it, making detection difficult using existing technology.