Did you know that contact center fraud loss is expected to double from $393M to $775M by 2020? Contact centers agents often fall victim to the social engineering methods that enable fraud attacks. According to Aite Group, the top fraud trends include: transactional fraud, mobile wallet fraud, ordering access devices, social engineering, and account takeover fraud.
In addition the Aite Group research states that, “the multitude of consumer personal and financial data available from data breaches and social websites allows fraudsters to use social engineering tactics to fill any data gaps necessary. Fraudsters do not mind placing multiple calls until they successfully impersonate a customer, because the payoff is worthwhile.”
What do enterprises need in a contact center fraud solution?
How to prevent contact center fraud loss?
To prevent fraud loss and preserve brand reputation, enterprises need a solution that provides:
- High Coverage. Every incoming call needs to be screened. Fraudsters must be identified on their first call to prevent them from being able to enroll as illegitimate customers.
- High Accuracy. The right solution accurately differentiates between legitimate and illegitimate customers, detecting fraud with a low false positive rate.
- Foolproof Technology. Fraudsters are currently using voice spoofing, voice distortion, social engineering, and more. The right solution provides resilience against attempts to break through traditional security measures.
To reduce operations cost and improve customer experience, businesses need a contact center solution that provides:
- High Speed. Contact center agents must be able to handle calls quickly, while also being informed about the legitimacy of callers before they provide access to personal data. Reducing authentication time by one second can lead to $1 million in annual savings.
- Low Friction. Customers want security without being inconvenienced for it.
Pindrop’s patented technology, Phoneprinting™, analyzes 147 different factors in the audio of a phone call in order to create a unique signature that allows a fraud analyst to identify an illegitimate caller, while also determining the caller’s true geographic location, device type, and more. Unlike a phone number or a voice, this information is impossible for fraudsters manipulate. With Pindrop’s solution, customers can catch over 80% of fraud calls with less than a 1% false positive rate. Contact centers are empowered with the technology necessary to stop fraud loss, reduce operations costs, protect brand reputation and compliance, and improve the overall customer experience.
According to a recent survey of 25 executives at 18 of the 40 largest US financial institutions, Phoneprinting™ is the highest ranked contact center anti-fraud solution. Avivah Litan, VP Distinguished Analyst at Gartner, explains that phoneprinting technology combined with voice biometrics is “the strongest method for detecting fraudsters who call into enterprises,” benefitting both contact center agents and security teams.