We know the contact center as the frontline of customer service, answering hundreds of calls daily, with each bringing a particular issue to bear. But not all contact centers are created equal, especially when financial services are introduced into the conversation. Security procedures must remain front of mind, with verification taking center stage in that process. Allow me to hammer this home with some research from Pindrop that highlights some startling facts: one in every 2000 calls is fraudulent, fraud has increased 45 percent in the past two years and, in that same time, fraud loss has risen 14 percent.
Bank fraud is a serious matter, and Aspect Software seems to have the special sauce to ensure your banking institution is minimally impacted. A top U.K. bank saw the rate of fraud spending cut in half simply by implementing Aspect’s cloud-based trust platform, Aspect Verify. Since the late 2000s, the financial institution has been a target of attacks growing in sophistication, spending upwards over $20 million annually on fraud protection.
“The bank’s original solution relied on a two-factor authentication approach to protect customers; this consisted of a card and a reader, or step-up authentication. It wanted to move away from this solution towards a phone-based service that enabled customers to verify who they are during a phone call,” said Maxine Allard, senior director of digital identity at Aspect. “However, the bank wanted to ensure that its outstanding customer experience was not compromised by a cumbersome verification system, or vice versa; that an inadequate system was put in place in favor of something too quick and simple.”
The Aspect Verify cloud-based trust platform is comprised of a number of automated engagement solutions for identification, prevention and proactive monitoring, in addition to notification of fraudulent transactions. After a calendar year with the trust platform in its contact center, the bank saved more than $10 million in fraud costs in that time.
“Aspect Verify ensures that the bank is compliant with the EU’s Directive on Payment Services (PSD), and facilitates the trend to faster payments. Moreover, the chosen approach adheres to guidance set out by the Financial Conduct Authority (FCA) and banking ombudsman about what it deems as a secure/verified payment,” continued Allard.
The omni-channel digital evolution is at hand, and it’s permeating every nook and cranny of the contact center. Banking fraud is a growing nuisance; don’t turn into a cautionary tale and make sure proactive security is a key component of your strategy. The abovementioned U.K. bank has, and it’s paying off in spades – excuse me, Pounds.