Fraud presents a major threat to both the consumer and your business. Some tips to keep in mind:
- Fraud is more dangerous than ever before. There is at least one mega-breach per quarter, with greater than 10 million customer records compromised, and the FBI estimates that more than 1000 retailers are currently under assault with the same malware used in the Target breach.
- Fraudsters make more than 1 million calls per month, and can cycle through phone numbers on an average of every two weeks. Fraudsters are sophisticated and persistent, and they will continue to attack in every way possible. While this number may change depending on an organization’s individual customer data, many organizations don’t even have a clear view of where they stand.
- Multi-layered prevention is the best way to manage fraudulent activities while enhancing customer satisfaction. Even if a fraudster gets through one or two layers, it’s unlikely they’ll be able to continue through all of them. Combining behavioral, reputation, and knowledge fraud prevention techniques is a perfect example of how to implement this.
- Fraudsters can use a variety of methods to target your organization. Use an adaptable approach to combat them – one that changes as quickly as the fraudsters’ methods. There is no one-size-fits-all approach.
- The best way to prevent fraud in the contact center is to automate fraud prevention tools in the IVR. Highly advanced tools from Contact Solutions’ adaptive IVR work on your behalf, incorporated into the call flow and authentication processes. Together, they can help you reduce costs, minimize the burden on your callers, and stop fraudsters in their tracks.