Call center fraud protection and authentication company Pindrop has released its 2016 Call Center Fraud Report.
The analysis of more than 10 million calls to UK and US-based enterprise call centers looks at vertical impact, attacker device type and location along with trends and vectors used by organized crime groups.
Improvements in EMV technology, online and mobile security have caused fraudsters to to look for a weaker link, and for many that is the call center, as evidenced by the 45 percent growth in call center fraud since 2013.
At an average loss of $0.65 cents per call, a large call center with 40 million annual calls can lose $27 million per year.
The UK’s fraud rate of one attempt per 700 calls is more than twice America’s rate of one attempt per 1,700. At $31 million in losses, life insurance companies have triple the potential loss of other financial institutions. Credit unions are close behind at $29 million.
“There is an alarmingly large increase in attackers targeting call centers to gain access to funds and steal key assets including money, merchandise and proprietary information,” Pindrop Labs director David Dewey said. “This problem is not restricted to US financial institutions — this is a growing problem on a global scale.
“The common thread is that criminals go where the likelihood of detection is lowest and the rewards are high.”