How to Prevent Fraud in Call Centers

  • Fraud Prevention

Dynamic KBA is used by a lot of industries for a variety of reasons requiring a high level of verification. Whether you are verifying the identity of someone opening a new account or using it to meet compliance regulations, dynamic KBA is used as further verification on abnormal account activity such as a money transfer or a large number of purchases within a certain period of time.

Make Customer Satisfaction #1

We all know how frustrating it is to be transferred to different departments while on a call, much less having to provide the same information each time youre transferred. However, this is done to protect your business from high-risk situations, multiple transfers are sometimes necessary so that you can be sure the person is who they say they are. KBA allows your representatives to quickly approve orders or customer account changes that in turn increases customer satisfaction and improves the chances that a customer will become a repeat customer.

Consider the type of data sources questions are being dynamically generated from. Credit-based questions tend to be harder to answer, even for the real person. If your demographic includes a lot of younger or out of country customers, a credit-based solution will not be able to generate substantial questions since these people may not have credit files.

Maximize Productivity

Being able to quickly capture information from customers and verify their identity using an automated verification process serves to shorten your call times thus maximizing your overall efficiency. Being able to provide your representatives with actionable intelligence reduces the amount of judgment decisions they need to make and will shave seconds off calls, which can quickly add up to more minutes and hours of productivity from your employees.

Increase You ROI

The benefit of more employee productivity is more revenue. Long hold times and slow processing from delayed approvals put your business at risk of the consumer taking their business elsewhere. Dynamic KBA is an automated process that helps give you both more revenue and profitability from quickly approving legitimate customers while also stopping fraudsters.

Maintain Compliance

As the government continues to examine threats to our country, from terrorism to the impact of identity theft on consumers, chances are your business has some type of compliance regulations to follow. Dynamic KBA helps multiple industries meet compliance initiatives like KnowYour Customer (KYC) to Red Flag Regulations. Even if you dont have compliance requirements to follow, having higher confidence that the person on the line is real helps protect both customers and your business from identity theft.

Prevent Fraud

On the front-end dynamic KBA stops fraudsters by verifying someone is who they claim to be using multiple-choice questions. What is important is to evaluate the controls and processes operating on the back-end to prevent bad guys from tricking the system. Solutions, like IdentiFraudConsumer, offer you the ability to set multiple rules and conditions that trigger fraud flags as well as a clear escalation path and easy way to alert you of the situation.


[Contributed by EVS Marketing]