On average, inbound call volume increased more than 40 percent year-over-year since the COVID-19 pandemic began. Contact center workforces have dwindled by one quarter over the same timeframe. Unfortunately, fraudsters have noticed. Over half of contact centers report an increase in fraud attacks since the start of COVID-19. Only one-in-three firms feel strongly that they have a handle on fraud.
Fraudsters’ increasingly sophisticated tactics compel enterprise contact centers to invest in fraud-prevention solutions that assess risk before callers engage with human agents. However, most fraud-prevention solutions require between 15 and 30 seconds of caller engagement to assess risk. The delay frustrates customers, balloons average handle times, and gives fraudsters the chance to steal millions of dollars via account takeover.
The two most promising approaches to inbound caller authentication—probabilistic and deterministic—both have benefits, but also significant weaknesses that can degrade fraud prevention, customer experience, and operational efficiency. Rather than choosing just one option, forward-thinking contact centers adopt a hybridized approach. This combined process leverages the unique power of physical calling devices as authentication tokens to improve fraud prevention, average handle time, and customer satisfaction for the most callers possible.
Watch this webinar to learn how forward-thinking contact centers are improving the customer experience and stopping fraudsters before they reach the IVR or an agent via a hybrid caller authentication approach.