Banking.com, which “covers industry news and best practices for financial services providers, such as banks and credit unions,” this week published an expert article by Enacomm COO David Jackson. Jackson’s piece, “The Biggest, Most Overlooked Channel Targeted by Financial Fraudsters,” sheds light on a security loophole that many financial organizations often overlook. From the article:
The phone channel still dominates customer service interactions. According to Microsoft’s 2016 “Global State of Multichannel Customer Service Report,” telephone (81%) is the top customer service channel that US customers use on a regular basis. However, most companies have focused their security efforts on the newer channels in the multimodal mix – web and/or mobile – and haven’t employed the level(s) of security that they should with their IVR. This gap allows fraudsters to exploit the IVR, unfettered by the same constraints they would face using web banking or working with a mobile app or browser.
But banks and credit unions now have a reliable defense against fraudsters targeting their phone customer service systems:
Applying advanced analytics to call data is one of the best ways to detect and stop fraud in its tracks. Fraud control functions that continually analyze all IVR call records for fraudulent behavior and automatically apply fraud prevention rules to the caller can systematically prevent criminals’ wrong financial gain. Common indicators of fraudulent activity include PIN set or PIN change velocity, money transfer velocity, an excessive number of cards linked to an individual over a given time period, and excessive authentication failures. An effective IVR fraud prevention tool will analyze all of these patterns plus many others, including behaviors unique to each acquirer.
Today, modern technology like Enacomm’s ViA® Fraud Control Module is available to help protect banks, credit unions and card companies by fending off fraudsters who are targeting the telephone Interactive Voice Response (IVR) channel. To learn why advanced call center analytics should be an integral part of your fraud prevention strategy, reach out to the Enacomm team at 1-877-860-0025 or firstname.lastname@example.org.