Fraudsters are prepared to exploit any possible vulnerability in your bank’s defences as they strive to take advantage of your customers and obtain funds unlawfully.
Not taking this threat seriously has a significant price: UK Finance reports that, in 2020, unauthorised financial losses due to card, remote banking and cheque fraud in the UK totaled £783.8 million.
But why are fraudsters so successful? Because, as technology evolves to protect customers, fraudsters adapt their tactics. Think of the past 18 months: following the COVID-19 pandemic, remote banking — from telephone to online and digital — has become the primary way in which customers choose to interact with their bank. This gives scammers more opportunities to find weaknesses and exploit your customer authentication techniques especially when it comes to the contact centre.
It’s no coincidence that RegTech vendor Feedzai reported a 728% increase in telephone banking fraud between Q4 2020 and Q1 2021. And it’s not just telephone banking fraud per se: fraudsters have become skilled in using contact centres to impersonate a customer or manipulate agents into revealing personal information which is often used to commit fraud across other channels.
It’s because of this intricate landscape that we’ve created the Smartnumbers Guide to dealing with fraud in bank contact centres.
Download the guide to learn:
How fraudsters identify and exploit authentication weaknesses
We’ll take you through how criminals can fraudulently obtain your customers’ data and funds via your contact centre, what steps they follow and what techniques they use — so you know what to watch out for. These include abuse of IVR systems, social engineering and call spoofing.
How to prevent fraud
We’ll outline the key tactics you can leverage to protect your bank from contact centre fraud attacks — from knowledge based authentication (KBA) to voice biometrics and staff training — as well as the weaknesses that could potentially help criminals breach your defences.
How to implement a ‘defence in depth’ approach
Finally, you’ll learn how to effectively protect your bank and customers with a step-by-step guide on our recommended approach to mitigating fraud.
To delve into each of these aspects in detail and enhance your bank’s protection, read our guide.
