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December 12th, 2019

If you can spot a scam, you can stop a scam

I recently came across a simple, yet powerful quote on how to stop fraud. In the article, “How to avoid holiday financial scams,” Tony Wolchasty of the AARP Pennsylvania Consumer Issues Task Force, said: “If you can spot a scam, you can stop a scam.”

It’s true. The first step to reducing fraud starts with awareness. Knowing the red flags and other suspicious activity is central to mitigating the risk of falling victim to the latest fraud tactics.

Over the holidays, individuals and businesses alike need to be aware of emerging schemes designed to undermine anti-fraud strategies and day-to-day human behavior over the telephone.

In the season of giving, individuals are targeted by more fake charities and phishing scams aimed at fooling them into divulging pieces of their personal information. Caught off guard, they’re putting themselves, as well as their financial accounts, at risk.

The best defense against what can eventually turn into identity fraud against organizations is for individuals to acknowledge that no one or no industry is immune to fraud, said Captain O’Hara, director of the Intelligence Division of the Pennsylvania State Police Bureau of Criminal Investigation.

“The first step people can take toward protecting themselves and their loved ones against falling victim to a scam is to recognize that we are all at risk.”

Again, a very simple, yet powerful approach to raising fraud awareness.

Educating ourselves about the latest threats is huge when it comes to protecting our sensitive information from falling into the wrong hands. But for organizations, just knowing what threats may be lurking around the corner may not be enough.

For decades, companies have relied on humans to detect malicious behavior. While this was once an effective method for identifying the bad guys, today’s criminals use people’s private information to trick unsuspecting victims and beat traditional knowledge-based authentication (KBA) solutions.

With financial scams becoming more sophisticated, organizations need authentication tools that enable them to spot scams faster without relying on personal information that leaves them and their customer accounts vulnerable to social engineering.

TRUSTID’s pre-answer caller authentication gives banks and other organizations the ability to detect spoofed calls and other suspicious activities faster than any other authentication solution in the market. By automatically identifying fraud or risk as the phone is still ringing, contact centers can stop fraud by spotting scams much earlier in the authentication process.

For many organizations, implementing effective authentication solutions is becoming business critical for reducing fraud losses and improving efficiency over the busy holiday season. And TRUSTID can help.

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