HomeBlogsContact CentersNavigating the Risks of Identity Fraud at Contact Centers

Navigating the Risks of Identity Fraud at Contact Centers

The contact center is a critical point of engagement, providing varying levels of support to customers. However, with the rise of digital communication and increased sophistication of identity fraudsters, contact centers are increasingly facing the challenge of protecting customer identities and sensitive information.

One of the primary challenges is knowledge-based authentication (KBA), which requires customers to answer personal questions to verify their identity. KBA has long been recognized as an unreliable method of authentication, as it is often based on publicly available information that can be easily obtained by fraudsters. This means that even when KBA is used, the customer’s identity may not be fully validated.

In addition to KBA, synthetic IDs and social engineering pose major threats to contact centers. Synthetic IDs are fake identities created by fraudsters using real information obtained from a variety of sources. These IDs are used to open bank accounts, apply for credit, and commit other forms of fraud. Social engineering, on the other hand, is a technique used by fraudsters to trick individuals into revealing sensitive information or performing actions that benefit the attacker. Social engineering often takes the form of phone scams or phishing emails and can result in significant financial losses for victims.

With these challenges in mind, contact centers need more effective solutions for identity verification and fraud detection. Verifying customer identities in real-time, using multiple sources of data and machine learning algorithms, can help to detect and prevent fraudulent activity.

VerifiNow is one such solution, offering advanced identity authentication and fraud detection capabilities to protect contact centers and their customers. With VerifiNow, companies in financial services, healthcare, and insurance industries can better protect their customers and minimize the risk of identity fraud, resulting in a more secure and positive customer experience.

Contact centers face a growing threat from identity fraud, and traditional methods of authentication such as KBA are no longer sufficient.