2 minute read
By Tim Mccurry
Posted in Customer Engagement
While the overall number of data breaches may be on the decline, the damage inflicted on consumers and business remains extremely costly. Data breaches, of course, result in long-lasting challenges for consumers, but for contact centers, this can mean a lasting increase in attacks.
According to the Identity Theft Resource Council, in 2020 there were 1,108 publicly reported data breaches in the U.S., and more than 300 million consumers were affected. In the first three quarters of 2020 alone, there were 2,935 publicly reported data breaches globally.
In fact, there are several telecom companies that have suffered multiple security breaches in the past two years. This is bad news for consumers, but it is equally bad news for the enterprise. Fraudsters buy this data from the dark web for as little as $3 for a full set of consumer credentials.
Impact of Breaches on Individuals and Contact Centers
For individuals affected by the social security number hacks, this is infinitely more painful than a compromised credit card. They face a lifetime of monitoring their credit and will quite likely fall victim to a fraudulent attack at some point in the future.
For commercial enterprises and government agencies, it means your IVR and contact center are going to be bombarded with fraudsters trying to confirm existing accounts and activating new ones using stolen social security numbers and other data. With a social security number, date of birth, and home address, fraudsters have the keys to unlock most accounts, change the address, have a new credit card or debit card mailed out and steal your and your customers’ funds.
Any additional data can be acquired using social media or phishing the customer, or simply through the IVR itself to gather additional information such as recent transactions.
In the world of COVID-19 with multiple stimulus payments and increased unemployment benefits, the risk is even greater. Fraudsters are using these credentials to file millions of bogus claims stealing billions of dollars. The state of California has paid out as much as $31 billion dollars in unemployment benefits to criminals.
What Can Your Enterprise Do?
Most enterprises are completely blind to fraudulent activity taking place in their IVR and are totally unprepared to handle this type of breach. If you are like many enterprises, you have multiple layers of protection in place with agent-assisted calls, yet in many instances (as many as 96 percent in certain environments) the customer never reaches an agent when they interact with the company.
You could force excessive measures on all callers, but the result would be a bad customer experience for legitimate call center callers. Enterprises would lose customers, and government agencies would receive endless citizen complaints.
The solution is Behavior Analytics. With behavior analytics from the IVR, Verint Adaptive Fraud can separate the fraudsters from the legitimate callers even if the bad guys have the data required to authenticate. We can detect the fraudulent activity well upstream of many existing processes and without sacrificing CX.
Behavior analytics detects and flags the questionable interaction. The fraudster is using the same data as a legitimate caller (since they stole their information with the SSN), but their behaviors with that data will differ from the legitimate caller, and we detect it.
This can work with any IVR to reveal fraudulent activity you may be currently unable to detect. Incorporating this multi-layered fraud detection tool in your IVR will help you better detect potentially fraudulent activities, determine their authenticity, and identify and stop the bad guys.
To learn more about Verint Adaptive Fraud or to request a demo, contact us here.
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