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During the pandemic, as in-person customer service interactions became impractical, consumers found they needed access beyond traditional service options, including online, mobile outlets. and others in self-service. For call centers, this meant increasing call volumes – even as they also faced changes resulting from the pandemic, such as the switch to remote work. According to the recent publication by Pindrop Voice Intelligence and Security Report 2021, for some businesses, call volumes increased by more than 800% in the second quarter of 2020, resulting in staffing issues and increased wait times for customers. Meanwhile, fraud attempts at the call center agent level have decreased by 25%. Good news, right? Wrong.
While agent-level fraud may have declined during the pandemic, 57% of fraud detection and prevention decision makers reported an increase in fraud attacks and 66% said they saw new types of fraud. fraud. Due to increased wait times, fraudsters have not stopped their attacks, but have found new ways to perpetrate them to perform account hack attacks as well as unemployment and loan scams.
How did they do it? By targeting vulnerabilities in contact center interactive voice response (IVR) systems, allowing fraudsters to bypass agent and abuse IVR for customer account information and details updates transactions and loans. Using advanced algorithms, scammers automatically dial IVRs, PINs, DOBs, and the last 4 of an SSN within hours. IVR has become a critical part of the account taking process, with 57% of call center companies reporting IVR account mining incidents. And with just 34% of businesses saying they are able to discover and stop fraud in real time with a high degree of confidence and accuracy, there’s a good chance scammers will get away with it.
As technology evolves, IVR can take on more responsibility for consumer support. This means that contact centers have even more responsibility for securing it.
The data comes from Pindrop Labs and a commissioned study and survey of 259 global fraud detection and prevention decision makers conducted by Forrester Consulting on behalf of Pindrop in October 2020.
Read the full Pindrop Voice Intelligence and Security Report 2021.
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