Establishing an Optimal Level of Trust in Each Inbound Caller
Identify and Authenticate Callers Before They Reach the IVR or an Agent
Approximately 25 percent of consumers struggle to reach a brand when they have a matter to address, according to CCW Digital research. Disruption caused by the COVID-19 pandemic has driven increased and sporadic call volume, threatening customer service department performance.
To help callers faster, an increasing number of contact centers are considering authentication solutions that rely on calling devices to establish callers’ authenticity. This device-based approach, correctly employed, mitigates fraud risk, improves customer satisfaction (CSAT), and reduces average handle times (AHT) and IVR-to-agent transfers.
Unfortunately, some phone-based authentication solutions incorrectly authenticate callers who are not rightful account holders, increasing risk of identity fraud and associated financial and reputational damage. This is why, in part, Aite stated, “Account takeover fraud is so commonly enabled through the contact center that it should be renamed the cross-channel-fraud-enablement channel.”
The two most common approaches to phone-based authentication—probabilistic and deterministic—both have advantages, but also significant drawbacks that can negatively impact fraud prevention, operational efficiency, and the customer experience. Rather than choosing between these two options, forward-thinking contact centers have adopted a hybridized approach. This combined process leverages the unique power of physical calling devices as ownership-based authentication tokens to improve fraud prevention, AHT, and CSAT for the most callers possible.
Download this report 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.