Confronting the 160% Increase in Contact Center Fraud
Confronting the 160% Increase in Contact Center Fraud
Research shows that contact center fraud has increased 113% from 2015 to 2016, then 160% from 2015 to 2017, based on analyzed data from over half a billion calls. If you don’t want your business to be another statistic, it’s time to tighten security on your Genesys system. You need to do anything it takes to gain (or sometimes re-gain) trust from your customers.
Where to start?
With technology constantly evolving, one way to harden your Genesys system is to automate authentication. Contact centers today have started implementing multi-factor authentication methods, and they’re proving to be an ideal solution to fraudulent callers. Rather than having to remember 17 different passwords (and typically forgetting them), customers can now use biometric data to get through security, which ultimately keeps fraud rates lower and enhances the customer experience.
Customers want to have access to the best customer service that makes it relatively easy for them to go through authentication and security steps. They want to be able to confirm their identity quickly, but they also don’t want to risk fraud that could make their personal information public. You need to find the right balance so that you have strong authentication to keep the bad guys out, without making it more difficult for your good customers. The following forms of authentication can help you achieve this goal:
- Face Recognition: Customers can use this form of authentication on their mobile devices, which they seem to rely on more and more in today’s day and age.
- Touch Recognition: The common way to gather this information is to use fingerprints. People have been using their fingerprints for a while now to do simple things, like unlock their phones, but now more and more contact centers are incorporating this form of authentication to keep their systems secure and put an end to fraud
- Voice Recognition: Instead of being asked for a password when you’re talking on the phone, this software can analyze and recognize your voice in order to identify you
Contact Center Fraud Increased 113%
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Now that we have the technology to support these three methods (among others), there are so many opportunities to leverage one or more of them for your contact center. Biometric solutions offer you and your customers a host of benefits, including:
- Accuracy: The 3D mapping and deep learning involved in facial recognition make it more accurate than password-protection methods of the past.
- Ease of Use: Face, touch and voice recognition are also easier for the customer because they don’t need to remember any passwords. Facial recognition can even be used without the customer being aware of it – they don’t necessarily have to smile for the camera.
- Integration: These types of software are also easy to integrate with other security infrastructures, which allows for multi-factor authentication, keeping your Genesys system even more secure.
- Fast: This software can recognize your face, fingerprint, or voice in as little as seconds, making this an option that eases the authentication process for customers, enhancing their experience. Entering a password manually takes more time, so this is a biometric solution is a good way to start upgrading your system.
- Consistency: No two faces, fingerprints, or voice prints are exactly alike. This benefit is especially true for touch recognition because fingerprints always have different dermal ridge characteristics, ensuring that the right person is getting into the system each time. In addition, fingerprints don’t change with age and they’re not affected by any diseases.
- Low Cost: Face, touch, and voice authentication require minimal maintenance costs, allowing you to save money on the security process. Along with artificial intelligence, these technologies require fewer agents to handle authentication, automating processes so you can cut expenses significantly.
However, biometrics aren’t without their drawbacks. For instance, sometimes it is hard to recognize faces from multiple camera angles or with obstructions. In addition, facial recognition is highly data-intense so that means processing and storing all the information can be a challenge for contact centers to overcome. One problem that can occur with any of these three methods is a false negative. This happens when the user’s face, fingerprint, or voice isn’t accurately matched with their identity, kicking them out of the system. This has the potential to hurt the customer experience, so it’s best to use a multi-factor authentication approach to be sure. Finally, when biometrics are stored in internal systems, there is still a risk that they can be stolen via cybercrime. That’s why you want to keep your Genesys system as secure as it started out of the box. Miratech’s CyberCX is your solution to this problem, so you don’t have to worry about stolen data.
Which side wins?
While there are a few drawbacks to using biometric in your authentication process, the benefits definitely outweigh the risk if you are looking to keep your environment secure while also enhancing the customer experience. These technologies are already being implemented at major companies, so if you want to keep up, you should start adopting a multi-factor approach to authentication that leverages at least one of the methods mentioned above.
Miratech Designs for the Highest Level of Security
When you choose Miratech to implement Genesys for your contact center, you’ll get the expertise required to incorporate biometrics for authentication, automating processes which saves you time and money. With our 20 years working with Genesys, we know all the ins and outs of the system and how to integrate multiple authentication methods to harden your system, keeping it as secure as it was when it just came out of the box. Our CyberCX solution offers you full support to keep your environment secure.
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Contact Center Fraud Continues to Increase
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