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November 18th, 2018

Fraud attacks ramp up before the busy holiday shopping season

If the third quarter is any indication that the holidays are near, then network security company, RSA, has more or less confirmed that the busy shopping season is almost here.

Each year, reports show an uptick in phishing scams ahead of the holidays. It’s almost like clockwork that leading into the fourth quarter, fraudsters are out in full force launching attacks to acquire personal and financial credentials they can use to commit identity fraud against businesses over the busy holiday shopping season.

According to the recent article, “Phishing scams accounts for half of all fraud attacks,” RSA’s Q3 Fraud Report found that fraud attacks worldwide increased 70 percent over Q2 of this year. Of the 38,196 attacks reported, phishing scams accounted for 50 percent of all attacks.

The report also said the United States was one of three countries (the other two being Canada and the Netherlands) hit by phishing attacks. Together, they made up nearly 70 percent (69%) of all attacks in Q3.

Phishing attacks help criminals steal personal information much faster than the time it takes to call victims. By launching attacks that lead people to fake websites, crooks can acquire card details and other information to socially engineer organizations.

This information helps them defeat conventional knowledge-based authentication (KBA) methods that, when used to identify customers over the telephone channel, are defeatable by advanced social engineering scams.

To protect your call center environment against social engineering, it’s important that your authentication process does not rely solely on KBA to identify callers. This process plays right into the hands of fraudsters.

After years of consumers giving away their personal details on social media, KBA has become obsolete. Today, bad actors target businesses that they’ve identified that use knowledge-based methods to authenticate customers over the phone.

As contact centers prepare for spikes during special events like Black Friday and Cyber Monday, making sure they have a multi-factor authentication process in place is critical to spotting and stopping social engineers throughout the holiday season. Automated caller authentication solutions like TRUSTID help organizations build stronger, multi-factor identification processes that protect their customer environments against fraud threats. It also improves the customer experience and overall the efficiency of their call center operations.

Today, leaving your customer authentication up to telephone identity interrogations can put your customer accounts and confidential business information at risk. With an anticipated spike in higher call volumes just around the corner, a multi-factor authentication process can help reduce your risk of social engineering over the busy holiday shopping season.

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