Contact center fraud is a growing concern according to a new report but luckily there are tools to combat it.
Published by Gartner, Don’t Let the Contact Center be Your “Achilles’ Heel” of Fraud Prevention discusses how security and risk management leaders should invest in fraud prevention technologies which can protect their companies from increasingly sophisticated attacks.
Early in the report Gartner recommends partnering with contact center leadership or third party providers “to implement fraud prevention-based phoneprinting technology to improve customer authentication and reduce call times for legitimate customers, while identifying high-risk call for appropriate scrutiny.”
One such technology is Pindrop’s Phoneprinting solution which identifies, locates and authenticates phone devices uniquely from the call audio, allowing users to both detect fraudulent calls and verify legitimate ones.
Gartner analysts and report coauthors Tricia Phillips and Jonathon Care said that contact centers are often a weak link in omnichannel organizations, and predict 75 per cent of omnichannel customer-facing organizations will be victimized by a targeted, cross-channel fraud attack which keys on the contact center in its search to compromise the company.
“For years we have been tracking the increase in fraud call rates and have seen fraud exposure costs skyrocket during this time,” Pindrop cofounder and CEO Vijay Balasubramaniyan said. “Last year we analyzed more than 500 million calls and witnessed more than a 100 per cent increase in fraudulent activity.
“The contact center is under attack and our solutions are currently helping some of the biggest banks, insurance and retail companies reduce fraud exposure and provided a better authentication experience for their valued customers.”
Pindrop addresses call center fraud through a variety of methods, the company said in a release. Their Phoneprinting technology uses 147 unique call features to create distinct caller identifiers. Voice biometrics are utilized in the technology to passively voiceprint each call to identify known fraudsters. Fraudulent activity is sent to a centralized case management system that allows the company to review and rate the exchange so they can spot known fraudsters in their company or with other companies in the Pindrop network.
Pindrop said its advanced fraud detection technology catches more than 80 per cent of fraudulent calls with less than a one per cent positive rate.