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Throughout the pandemic, as in-person customer support interactions grew to become impractical, shoppers discovered they wanted entry past conventional service choices, together with on-line, cellular, and different self-service retailers. For name facilities, this meant rising name volumes — whilst they, too, handled modifications because of the pandemic, such because the shift to distant work. Based on Pindrop’s current 2021 Voice Intelligence & Safety Report, for some companies, name volumes grew over 800% within the second quarter of 2020, leading to staffing challenges and elevated maintain instances for patrons. Throughout this time, fraud makes an attempt on the name middle agent stage shrank by 25%. Excellent news, proper? Incorrect.

Firms have seen more fraud and new types of fraud since the pandemic began.

Above: Contributors have been requested how Covid-19 pandemic has affected their enterprise.

Picture Credit score: Pindrop

Whereas fraud on the agent stage could have decreased through the pandemic, 57% of fraud detection and prevention choice makers reported experiencing a rise in fraud assaults, and 66% reported seeing new forms of fraud. On account of elevated maintain instances, fraudsters didn’t cease their assaults, however discovered new methods to perpetrate them to carry out account takeover assaults in addition to unemployment and mortgage scams.

How did they do it? By concentrating on vulnerabilities involved middle Interactive Voice Response (IVR) methods, permitting fraudsters to bypass the agent and abuse the IVR for intelligence on buyer accounts and updates on transaction and mortgage particulars. Utilizing superior algorithms, fraudsters auto dial IVRs, crack PINs, DOBs, and the final 4 of a SSN in a matter of hours. The IVR has develop into a vital piece to the account takeover course of, with 57% of name middle corporations reporting incidents of IVR account mining. And with solely 34% of corporations reporting they’re capable of uncover and cease fraud in actual time with a excessive diploma of confidence and accuracy, there’s a very good likelihood fraudsters are getting away with it.

As expertise evolves, the IVR could bear extra obligations helping the buyer. Which means contact facilities bear much more accountability to safe it.

Knowledge was sourced from Pindrop Labs and a commissioned research and survey of 259 world fraud detection and prevention choice makers performed by Forrester Consulting on behalf of Pindrop in October 2020.

Learn Pindrop’s full 2021 Voice Intelligence & Safety Report.

 

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By Clark