Are Your Fraud Costs Inflated By Poor Authentication?
With the advent of EMV cards, your contact center became a top target for account takeover. Weak authentication only makes things worse: it’s no match for social engineering aided by the torrent of data breaches, it facilitates identity fraud, and it forces you to use more expensive fraud-fighting techniques.
Strong authentication prevents these issues, allows your fraud team to focus on truly suspicious callers, and cuts associated costs.
Fortify Defenses Against Fraudsters
If they can’t authenticate as legitimate callers they can’t commit fraud in your contact center. It’s that simple. That’s why they work so hard to reconstruct your customers’ identities from data lost in recent breaches. And that’s why TRUSTID is so effective. It provides an ideal ownership token to authenticate callers without agent involvement or reliance on any personal information.
Focus Fraud Resources to Cut Costs
Stopping fraud is expensive. It adds friction to business. It requires expensive personnel. It inconveniences customers caught as false positives. That’s why TRUSTID’s automatic and instant authentication approach makes such a big difference. It filters out trusted callers, allowing you to focus your fraud resources on true threats.
Reduce Room for Human Error
Your agents embody the biggest gap in your defenses. Once they’re tricked or intimidated by callers, or they simply become tired, agents may shortcut your authentication process. TRUSTID closes that gap by authenticating callers with an objective automated system that works before phone calls are answered. In doing so, it sharpens agents’ focus for authentication of unvalidated callers.
Extend the Life of Legacy Systems
Fraudsters love core systems that can’t be upgraded cost-effectively to current security standards. Once they find a vulnerability they’ll exploit it for as long as possible. For one bank, that situation forced the closure of one of their IVRs. Once they implemented TRUSTID, they could allow trusted callers back into the IVR.
According to the bank’s fraud technology leader, “These attacks had been very damaging. TRUSTID allowed us to turn the IVR back on. We got solid results. Fraudsters cannot beat TRUSTID. Based on our success we talked to the rest of the enterprise. Now TRUSTID guards millions of calls in our contact center every month.”