Call Center Fraud
$0.57
70%
30%
On average, 5% of call center agents have been intentional participants in some form of insider fraud. What was formerly known as mail order/telephone order (MOTO) fraud now manifests as call center-based chargebacks and other fraud schemes.
Currently, voice recognition systems are expensive and mostly implemented at certain banks and financial services companies. Agent-assisted automation technology is also available for call centers that allow customers to enter payment data directly into a customer relationship management (CRM) system without any agent involvement. And then there are the remaining 90% of companies.
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Intentional and Unintentional Assists
With 8 billion identity records having been breached, fraudsters making contact through a call center have many tools available to use to execute any one of dozens of schemes. The average call center-based fraud exceeds $500 per transaction, and there is very little recourse if caught. Fraudsters employ a wide variety of social engineering, intimidation, and obfuscation to achieve their purpose and are usually equipped with common knowledge-based authentication data. When legitimate customers are challenged with KBA questions (i.e. ‘What is your mother’s maiden name?’) approximately 70% get it right, but fraudsters also get it right more than 30% of the time.
Employ new forms of multi-factor authentication, advanced analytics, and machine learning to significantly reduce your call center-based fraud.
The Power of Getting Identity Right
Organizations are challenged on many fronts in their efforts to protect their customers and their businesses against fraud. The increasing growth and complexity of digital commerce leaves merchants and financial services firms vulnerable to cybercriminals and requires that organizations continue to innovate their security and anti-fraud policies across all digital channels.
But once your organization can accurately confirm the identity of your new website visitor, applicant or customer, the virtuous cycle begins. Use Fraud.net’s Identity Services to identify and remove the <1% of fraudulent and high-risk users so that you can focus on thrilling the >99% of high-trust customers.
