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During the pandemic, as in-particular person client service interactions became impractical, shoppers identified they necessary access beyond classic service solutions, which includes on the web, mobile, and other self-service outlets. For get in touch with centers, this meant growing get in touch with volumes — even as they, also, dealt with alterations as a outcome of the pandemic, such as the shift to remote work. According to Pindrop’s current 2021 Voice Intelligence & Security Report, for some firms, get in touch with volumes grew more than 800% in the second quarter of 2020, resulting in staffing challenges and elevated hold occasions for buyers. During this time, fraud attempts at the get in touch with center agent level shrank by 25%. Good news, proper? Wrong.
While fraud at the agent level may perhaps have decreased throughout the pandemic, 57% of fraud detection and prevention choice makers reported experiencing an enhance in fraud attacks, and 66% reported seeing new sorts of fraud. As a outcome of elevated hold occasions, fraudsters didn’t quit their attacks, but identified new approaches to perpetrate them to carry out account takeover attacks as properly as unemployment and loan scams.
How did they do it? By targeting vulnerabilities in make contact with center Interactive Voice Response (IVR) systems, enabling fraudsters to bypass the agent and abuse the IVR for intelligence on client accounts and updates on transaction and loan specifics. Using sophisticated algorithms, fraudsters auto dial IVRs, crack PINs, DOBs, and the last 4 of a SSN in a matter of hours. The IVR has turn into a crucial piece to the account takeover procedure, with 57% of get in touch with center firms reporting incidents of IVR account mining. And with only 34% of firms reporting they’re capable to uncover and quit fraud in actual time with a higher degree of self-confidence and accuracy, there’s a excellent likelihood fraudsters are obtaining away with it.
As technologies evolves, the IVR may perhaps bear more responsibilities assisting the customer. That signifies make contact with centers bear even more duty to safe it.
Data was sourced from Pindrop Labs and a commissioned study and survey of 259 worldwide fraud detection and prevention choice makers performed by Forrester Consulting on behalf of Pindrop in October 2020.
Read Pindrop’s complete 2021 Voice Intelligence & Security Report.
