Illuma’s Post

In a previous post, we explored the operating costs associated with authenticating callers in the contact center. In addition to the drain on time for agents to go through (on average), a minute and a half of Q&A, there are also additional costs related to account security. Here are troubling statistics around the vulnerability of the call center and how easy it is for fraudsters to get what they need to break into member or customer accounts. Read more at the link below. #technology #bankingindustry #data #strategy #banking #security #safety #financialservices #tech #customerexperience #development #customerservice #banks #callcenter #fraudprevention #fraud #creditunions #lending #authentication #creditunion

Fraud loss as a 'cost of authentication' often flies under the radar. Why? A laser-focus on tangible metrics like AHT, ASA and ATA often means little attention given to the incidence of ATO fraud. But studies show about 61% of all ATO engages the contact center (CC) at some point, making your agents your primary line of defense. And they go to battle EVERY DAY. While few mid-sized orgs have the resources to effectively measure - let alone mitigate - the financial impact of this activity, most recognize it's a serious problem that's only getting worse. Research shows that CC-attributable ATO fraud now averages about 50 cents per call! Not a small number. And just think, that's WITH all the fraud prevention measures already in use. The GOOD news? It doesn't have to be this way. This activity CAN be stopped in its tracks today, without 'rewriting the book' or 'breaking the bank', if you have the right tools. Example, Illuma's easy-to-adopt, 100%-passive biometric voice authentication (BVA) technology effortlessly and effectively recognizes legitimate callers and screens out fraudsters, while making impressive impacts on AHT, ASA, and ATA - not to even mention AIS, CES, and your NPS. It short, it turns some big negatives into big positives. Want to figure out how much Illuma could cut your fraud losses, while lowering your FTEs and driving other benefits? The ROI is there, no matter how you slice it. Was that the last acronym? 😉 IYKYK

We’ve all heard the phrase ‘time is money’. Cutting time per call in the contact center and assigning an ROI is fairly basic math. But what about security against the litany of ways fraudsters are now able to attack the contact center? That answer is not so easily quantified. Read below on how we’ve come to understand the costs, real and potential, when it comes to outdated security measures in the contact center. #security #fraud #fraudprevention #contactcenter #mx #cx

As advanced technologies digitally transform the financial services industry, they also accelerate fraud activity and open the door to new, sophisticated fraud attacks. Financial institutions must walk the fine line between offering a fast, low-friction experience while keeping security and trust top of mind. Adopting the right identity verification technologies can protect organizations, financial institutions and their customers and offer a frictionless customer journey that still builds trust. With Mastercard Identity data and insights, financial institutions can enhance the onboarding workflow, optimizing the identity verification process and associated costs by determining the risk level of each applicant at the very first touchpoint. Find out more on how to use data to optimize fraud prevention and customer experience across the payments ecosystem at 🔗: https://lnkd.in/dUGqf3mk #MastercardIdentity #MastercardEmployee

Are inefficient manual fraud reviews costing your business? Check out Ekata, a Mastercard company's blog and discover how to streamline your process and improve customer experience with better manual fraud review workflows and enhanced identity solutions. Read here now: https://bit.ly/3WAb1vZ #FraudPrevention #CustomerExperience

𝗛𝗼𝘄 𝘁𝗼 𝗗𝗲𝘁𝗲𝗰𝘁 𝗮𝗻𝗱 𝗣𝗿𝗲𝘃𝗲𝗻𝘁 𝗖𝗮𝗹𝗹 𝗖𝗲𝗻𝘁𝗲𝗿 𝗙𝗿𝗮𝘂𝗱: 𝗕𝗲𝘆𝗼𝗻𝗱 𝗞𝗻𝗼𝘄𝗹𝗲𝗱𝗴𝗲-𝗕𝗮𝘀𝗲𝗱 𝗔𝘂𝘁𝗵𝗲𝗻𝘁𝗶𝗰𝗮𝘁𝗶𝗼𝗻 𝗠𝗲𝘁𝗵𝗼𝗱𝘀🛡 Trust Stamp's blog post discusses the critical issue of call center fraud within financial institutions. It explores the sophisticated tactics fraudsters employ to exploit call centers. Additionally, it highlights why traditional knowledge-based authentication methods commonly used in call centers are no longer sufficient and how adding a biometric solution can transform how call centers verify customer identities. 👉 𝗟𝗲𝗮𝗿𝗻 𝗺𝗼𝗿𝗲: https://lnkd.in/eDRf2fPC #fintech #banking #callcenter #callcenterfraud #technology #innovation

In the ever-evolving landscape of digital transactions, one of the most pressing challenges businesses face today is managing chargebacks. Not only do they affect the bottom line, but they also erode customer trust. However, with the right strategies in place, it's possible to not only combat chargebacks but also enhance transaction security. Collaboration with Financial Institutions: The first step in a proactive chargeback management strategy involves establishing a strong partnership with your bank or payment processor. By working closely with these institutions, businesses can leverage advanced fraud detection tools and gain insights into the latest trends in fraudulent activities. This collaborative approach ensures that both preventive measures and response strategies are aligned with industry best practices. Early Fraud Detection Techniques: Investing in early fraud detection technologies is crucial. Tools that monitor unusual transaction patterns in real-time can flag potential fraud before it escalates into a chargeback. Implementing multi-factor authentication and secure payment gateways further fortifies your defenses, making it harder for fraudulent activities to succeed. The Power of Clear Communication: Clear communication with customers about their transactions can significantly reduce chargebacks. Providing detailed product descriptions, transparent return policies, and easy access to customer service can help prevent misunderstandings that lead to disputes. Additionally, sending confirmation emails or texts after a purchase can serve as a reminder and provide an opportunity for customers to review their transactions. The Bottom Line: By taking a proactive approach to chargeback management, businesses can safeguard their revenues while enhancing customer satisfaction. It's not just about fighting fraud; it's about creating a secure and trustworthy environment for your customers. I invite our community to share their experiences or strategies in chargeback prevention and fraud detection. Let's collaborate, learn from each other, and strengthen our defenses against the ever-present threat of digital transaction fraud. #DigitalTransactions #ChargebackPrevention #FraudDetection #CustomerTrust

𝗛𝗼𝘄 𝘁𝗼 𝗗𝗲𝘁𝗲𝗰𝘁 𝗮𝗻𝗱 𝗣𝗿𝗲𝘃𝗲𝗻𝘁 𝗖𝗮𝗹𝗹 𝗖𝗲𝗻𝘁𝗲𝗿 𝗙𝗿𝗮𝘂𝗱: 𝗕𝗲𝘆𝗼𝗻𝗱 𝗞𝗻𝗼𝘄𝗹𝗲𝗱𝗴𝗲-𝗕𝗮𝘀𝗲𝗱 𝗔𝘂𝘁𝗵𝗲𝗻𝘁𝗶𝗰𝗮𝘁𝗶𝗼𝗻 𝗠𝗲𝘁𝗵𝗼𝗱𝘀🛡 Trust Stamp's latest blog post discusses what call center fraud is and the various ways fraud can be perpetrated in call centers. Furthermore, it elucidates why traditional knowledge-based authentication methods commonly used in call centers are no longer sufficient and how adding a biometric solution can transform how call centers verify customer identities. 👉 𝗟𝗲𝗮𝗿𝗻 𝗺𝗼𝗿𝗲: https://lnkd.in/eDRf2fPC #bankingindustry #banking #callcenter #callcenterfraud #technology #innovation

𝗛𝗼𝘄 𝘁𝗼 𝗣𝗿𝗲𝘃𝗲𝗻𝘁 𝗖𝗮𝗹𝗹 𝗖𝗲𝗻𝘁𝗲𝗿 𝗙𝗿𝗮𝘂𝗱: 𝗕𝗲𝘆𝗼𝗻𝗱 𝗞𝗻𝗼𝘄𝗹𝗲𝗱𝗴𝗲-𝗕𝗮𝘀𝗲𝗱 𝗔𝘂𝘁𝗵𝗲𝗻𝘁𝗶𝗰𝗮𝘁𝗶𝗼𝗻 𝗠𝗲𝘁𝗵𝗼𝗱𝘀 🛡 Trust Stamp's latest blog post discusses what call center fraud is and the various ways fraud can be perpetrated in call centers. Furthermore, it elucidates why traditional knowledge-based authentication methods commonly used in call centers are no longer sufficient and how adding a biometric solution can transform how call centers verify customer identities. https://lnkd.in/eDRf2fPC #bankingindustry #banking #callcenters #callcenterfraud #contactcenter

The truth is...fraud detection isn't perfect and sometimes there are false alarms! Sometimes, you may have had the experience of a non-fraudulent transaction being flagged, whether online or in person. The goal is to reduce false alarms while stopping fraudulent transactions...and luckily, predictive analytics can help. In this piece, Zachary Amos. highlights how we're preventing fraud at Mastercard with new technologies. Mastercard "stopped more than $35 billion in fraud-related losses over three years. These solutions work by assigning customers a consumer fraud risk score based on their current or past activities," writes Amos. Accurate fraud detection will also help understand emerging or persistent fraud types and to warn customers about the newest scams. #MastercardEmployee #PaymentsTechnology #PredictiveAnalytics #FraudPrevention