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November 4th, 2018

Securing your call center environment from impersonators

Advanced telephone scammers can manipulate any phone number to trick individuals into thinking their bank is contacting them. They do this by using any number of Caller ID spoofing technologies available on the Internet.

According to the recent Fortune article, “A Convincing, New Phone Phishing Scam Wants Your Banking Secrets. Here’s How to Stay Secure,” of the tens of billions in fraud-related losses in the United States each year, old-fashioned phone scams make up a significant portion of the financial losses. Criminals use the information they’ve collected from individuals through social engineering to manufacture ATM or debit cards to make fraudulent withdrawals and purchases.

As rampant as phone fraud is in targeting individuals, scammers also target contact centers using the same personal details to issue checks and transfer money from customer accounts.

Masking their true identities behind spoofed Caller IDs and personal informationrather than impersonating somebody’s banksocial engineers instead impersonate banking customers to slip their way past weak knowledge-based authentication (KBA) processes.

Today, banks that rely on their customers’ personal identifiable information (PII) to authenticate callers are susceptible to spoofed Caller IDs and identity fraud tactics that are specifically designed to defeat KBA processes.

We know that the key to avoiding individual fraud is to never give out your personal details such as your Social Security number, home address or credit card number to a caller claiming to be from your bank. For contact centers to avoid identity fraud, companies need to eliminate the need to rely on personal data to authenticate callers. This removes the vulnerability to social engineers equipped with the right information to pass one-time fraud-proof security questions.

TRUSTID’s pre-answer caller authentication tools, including AUTHENTICATOR and IDENTIFIER, are designed to help financial institutions, hospitals, government agencies, utilities and other organizations around the globe automatically identify callers before the call is answered by an telephone agent. By eliminating the need for identity interrogations, business can reduce the high costs of KBA and other manual authentication methods, increase operational efficiency, and improve the customer experience.

Working with other authentication tools, TRUSTID also helps businesses achieve multi-factor authentication without relying on vulnerable customer PII. This supports a layered fraud-fighting strategy to better secure an organization’s call center environment.

With so many Caller ID tools and personal information easily accessible to fraudsters today, contact centers need a way to combat the growing number of threats that put their business and customer data at risk. Innovative call center technologies that automatically authenticate callers without their knowledge and don’t require personal information to do so are essential for securing the telephone environment moving forward.

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