For all its positive attributes as a game changer in the digital world, technology also has a dark underbelly to it. Growing advancements in technology are being used by fraudsters and scammers to use more sophisticated tools to extract sensitive user information.
Traditionally, call center employees are trained to provide excellent customer service. Hence, fraud detection has not always been high on their agenda. However, fraudsters today are increasingly targeting call centers of a majority of retailers, financial institutions, and other high-value targets.
Here are some tangible and intangible implications for an enterprise when its contact center becomes the target of fraudulent activity.
Trust deficit and possibly high churn rate: Customer loyalty is one of the core differntiators in today’s highly competitive markets. Any loss of customer data can quickly lead to a high level of trust deficit. Trust and customer loyalty go hand in hand, and any breach of trust due to data theft or identity theft can mean high churn rates for the enterprise. Even a security lapse that may not involve the consumer directly but other third parties instead can be a good enough reason for consumers to shift their services to a different service provider.
Hefty penalties and legal trouble for the enterprise: Data is the new gold and any data breach on account of online fraud can lead to massive legal complications for the enterprise. The recent case of Wells Fargo & Company being fined $185 million for its inaction to track and stop financial fraud or Western Union penalized for $586 million for not detecting or controlling money laundering fraud are cases in point how online fraud can leave organizations financially vulnerable to stiff penalties and legal complications.
Financial losses for every fraudulent call: Online fraud means financial losses for the enterprise. Following a fraud incident, there is high probability that the enterprise’s stock prices are likely to suffer. Add to it the fact that each fraudulent incoming communication with the call center also costs the organization. For an organization receiving thousands of calls, the financial losses due to fraudulent calls can escalate quickly.
Speech Analytics solutions can help eliminate illegal access to sensitive data by analyzing a caller’s voice pattern to ascertain the true identity of an individual. This can help detect early warning signals to ensure secure and compliant agent-consumer communication.
Online fraud not only impacts the consumer with loss of data or identity but also impacts the enterprise just as severely. Thus, tackling online fraud becomes not only a high priority but non-negotiable for contact center operations.
To get a comprehensive understanding of how Speech Recognition technology helps companies ensure compliance and prevent fraud, read our Whitepaper publication.
For a demo or further information on how we can help integrate voice offerings into your fraud prevention strategy, write in at [email protected]