Stop Fraud with Inbound Call Authentication
Catch The Bad Guys, But Let The Good Guys Through
It’s clear that fraudsters are always trying to be one step ahead of their financial institution targets. Financial institutions improved their ability to identify a spoofed call, fraudsters began using virtual call platforms. You need to prepare for every possible scenario they will face in the future.
There’s no magic bullet to fraud detection and prevention. Instead, the future for financial institutions must include a layered approach to identity authentication such as device-based authentication coupled with biometrics. What is clear is that financial institutions will rely less on KBA and instead implement stronger authentications. The FFIEC even recently published guidance urging financial institutions to move away from KBA.
Fraud detection and prevention is a team sport against a common opponent. It’s only by working in tandem with the other “good guys” that financial institutions can become more proactive rather than reactive to criminal activity. By collaborating and sharing information such as call outcomes and failed authentication results, Neustar and its financial institution clients can detect new patterns and clusters of attacks. Adapting in real time to emerging threats continually improves detection rates and reduces false positives.
- Provides a Better Customer Experience
- Enables Agents to Do Their Jobs Effectively
- Improves Customer Retention
- Reduces Operational Costs
- Improves Onboarding
- Provides a Consistent Brand Experience
This research report describes how you can use inbound call authentication to provide the experience customers expect without exposing your financial institution to sophisticated fraudsters. We’ll look at why call centers are vulnerable to fraud, common criminal tactics, and provide best practices for balancing fraud with friction so customers have a great experience no matter which channel they choose.