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December 5th, 2019

Stealthy phone fraud calls for stealthier defenses

Phone fraud doesn’t stand still. In fact, you can say it’s a living, breathing type of malicious behavior that's ever-changing and potentially lurking around every corner.

In the cat-and-mouse game of fraud and risk, call center managers should have the same approach to safeguarding their customer channels. Being proactive and making sure your fraud-fighting strategies can spot the latest fraud tactics is critical to protecting your customers and their sensitive data.

When it comes to fighting fraud and reducing risk, today’s businesses cannot afford to be reactive. Waiting for the criminal’s next move, you’ll surely overlook or miscalculate their sneaky attacks, and in doing so, put your company at a disadvantage.

In today’s contact center environment, an effective fraud defense is only as good as the authentication process you have in place. As fraudsters get more sophisticated and their tactics stealthier, we too, need to stay diligent to stay one-step ahead.

In recent article, “Fight Real-Time Payment Fraud In Layers, With Moats,” focuses on real-time financial transactions. We’ve come to a point where everything happens in real time. Because fraud is not static, and evolving attacks can clean out accounts in a matter of minutes, the ability to spot fraud and identify suspicious activity beforehand has never been more important for reducing fraud and fraud-related losses.

Kannan Srinivasan, Fiserv’s senior director of risk strategy and analytics, said that real-time transactions impact how companies operate. As a result, it’s becoming essential for organizations to keep up with emerging fraud tactics.

“The real-time movement of money has implication on your ability to manage losses — and you have to make sure you are keeping pace with new fraud trends.”

The time in which fraudsters access and hijack somebody’s financial or bank account calls for organizations to take proactive steps to make sure they are not falling behind. Pre-answer caller authentication solutions such as TRUSTID provides another layer of identification to help companies make real-time decisions on all in-bound customer calls. The ability to automatically and invisibly validate calls while the phone is still ringing keeps organizations one-step ahead of fraudsters.

Based on a company’s fraud and risk thresholds, TRUSTID helps them make instant decisions on all good and bad calls to improve efficiency and reduce fraud. And the best part is, good customer journeys are not interrupted with intrusive knowledge-based authentication (KBA) processes, and bad actors can be removed from the telephone system without seeing anything at all.

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