By: Tim Prugar
Ponemon Institute found that “more than two-thirds (70 percent) of [executives surveyed] said they plan to increase their investments in next-generation security technologies.” Maybe you’re one of these executives – What’s your plan?
Next Caller and IntraNext Systems recently sat down to discuss call center fraud prevention and customer experience - areas both companies are extremely passionate about. The discussion explored how different vendors complement and support each other to prevent fraud while adhering to regulatory guidelines and providing a seamless customer experience.
If there’s one definite that this conversation surfaced, it’s that call center security leaders need to take a holistic approach to call center fraud and customer experience. Here’s a closer look at why:
The Push-Pull of Fraud and Customer Experience
Defeating fraudsters and improving customer experience is not about checking boxes. There isn’t one solution to solve each respective problem; conversely, solutions always have effects on both problems. For example, if you implement an in-depth screening authentication technique that cuts down fraud, it probably adds some friction to the customer experience. On the other hand, adding solutions that make it easier to access your account often makes it easier for fraudsters to access your account too. Luckily for consumer-facing businesses, there are solutions that don’t force this tradeoff, helping to both prevent fraud and improve customer experience.
Passive, Multi-Layered Authentication
Authentication is a big buzzword these days. It should be - preventing fraudsters from gaining access to accounts plays a huge role in fraud prevention, and saving customer time plays an equally important role in customer experience. With new authentication methods, customers can complete a transaction via any customer service channel they choose, be authenticated quickly, and move on to carry out their business. That is a game changer for customers. Compare that to customers getting stuck in the IVR loop, repeating information multiple times, or being interrogated to prove their innocence and only then being allowed to carry on with their inquiry. As call centers move to technically advanced biometrics and call analytics, they must employ an integrated multi-layered approach to authentication with as passive a process as possible. That way there will be multiple catching points for fraudsters along their path to account access that combine to form a comprehensive case for suspicion, and the customer experience will be more seamless than any password or knowledge-based authentication.
Compliance, Regulation, and Fraud Prevention
Regulations and guidelines cannot just be a box to check off either. Call centers handle an extraordinary amount of Personally Identifiable Information (PII). Companies in the financial sector, the healthcare industry, or anywhere in between are responsible for adhering to different compliance standards and security regulations. Compliant doesn’t necessarily translate to fraud prevention or data security for your customers, so working with a vendor that can help bridge the two should be something to consider.
Continuous Cybersecurity Throughout the Call
Similarly, implementing layered passive authentication and rigorous regulatory compliance do not mean that fraud will not occur during the call. Call centers must spend time looking at vendors that offer data security options within live agent transactions as well. Technology exists that completely eliminates the verbal exchange of sensitive data and allows customers to control the input of their information - reinforcing a company’s commitment to security and customer experience. If sensitive information is not heard or seen, it makes it difficult for it to be misused.
Choosing the Right Solutions for You
Preventing call center fraud while delivering a seamless customer experience can seem like a daunting undertaking when faced with stats like
- “Only 40% of consumers believe businesses are meeting their expectations for customer care.” — Execs in the Know physical report 2017
- “By 2020, 75 percent of omnichannel organizations will ‘sustain a targeted, cross-channel fraud attack with the contact center as the primary point of compromise.’”
But it doesn’t have to be. Vendors exist that can help call centers excel in integrated multi-layered authentication methods, biometrics, call analytics, regulatory compliance, and security measures in live agent environments. Both Next Caller and IntraNext Systems propound that when call centers employ a holistic approach and engage with the right group of multiple vendors they can significantly cut down fraud and improve customer experience.