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May 17th, 2018

Widespread privacy scandals call for stronger data protection

The Facebook-Cambridge Analytica privacy scandal is the latest in an unprecedented wave of massive data breaches that have occurred over the past few years. This failure to protect the privacy of individuals’ personal information is increasing consumer demands for banks to use stronger authentication tools to protect their sensitive data. And rightly so. 

For contact center leaders who lack confidence in conventional knowledge-based authentication (KBA) to accurately validate callers, these concerns have them considering alternative caller authentication solutions for identifying customers over the telephone channel. Yet, despite the fact that using KBA alone may be contributing to the problem, an overwhelming number of financial institutions still use knowledge-based solutions that are grossly inadequate for identifying callers.

We know this because of the 127 call center professionals we surveyed for the “State of Call Center Authentication” report, 69 percent said they continue to rely solely on personal information to authenticate callers.

With KBA widely distributed among today’s banking institutions, there are advantages that alternative caller authentication solutions such as pre-answer phone call analysis bring to caller validation, including:

  • Meeting multi-factor authentication requirements: Adding automated caller authentication creates a two-factor customer identification solution that can help call centers meet the FFIEC’s recommendation for customer authentication.
  • Performing pre-answer caller analysis: Automatically identifying callers while the phone is still ringing allows contact centers to validate genuine customers and identify risky calls earlier in the process.
  • Enhancing the customer experience: Streamlining the authentication process by removing telephone interrogations can increase the speed and accuracy of the customer journey, ultimately improving the profitable bank-customer relationship. 

In the midst of what seems like weekly corporate breaches and data compromises, ensuring customers that a bank has an effective authentication process in place is a competitive differentiator. 

Enhancing current customer identification processes with alternative caller authentication solutions that don’t rely on KBA can help banks meet today’s growing demand for stronger data protection. Combining automated caller authentication with legacy KBA tools to identify good customers earlier in the process creates a more satisfying customer experience, and helps banks mitigate the risk of violating privacy policies that can lead to costly and damaging data privacy scandals.

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