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Call Recording Compliance with Dodd-Frank, PCI, MiFID II, HIPAA, and CMS - OrecX - ContactCenterWorld.com Blog

Call Recording Compliance with Dodd-Frank, PCI, MiFID II, HIPAA, and CMS

Agent compliance infractions can lead to unwanted penalties for your organization. Consider this:

  • Dodd-Frank Act penalties can amount to $1 million or more
  • PCI Compliance penalties can be $5,000 per month per agent
  • MiFID II infractions can total $10.8M or 2% of your company's annual revenue
  • HIPAA infractions can cost up to $50,000
  • CMS Final Rule 2023 penalties can amount to $2,007,500 per hospital

Each of these regulations requires certain call recording requirements.

Dodd-Frank Act (U.S. financial services regulation)

  • All communications relating to pre-execution trade information must be recorded completely and accurately, including telephone, voicemail, instant messaging, chats, email, and mobile.
  • Records need to be uniformly time stamped – A record of the date and time, to the nearest minute, must be on every record.
  • Trading records need to be identifiable and searchable by transaction.
  • All records must be stored securely and readily accessible. 

-->Oreka TR provides detailed audit trails, time stamping, multi-criteria searching, and secure storage of your calls to help you comply.
PCI-DSS (payment card industry regulation)

  • No cardholder data (cardholder name, expiration date, PAN, etc.) should ever be stored unless it’s necessary to meet the needs of your business.
  • No sensitive authentication data (SAD), which includes card validation codes (CVV2, CVC2, CID, or CAV2), personal identification numbers and/or full magnetic stripe data, may be stored in a digital, audio or video format (such as WAV or MP3) after authorization, even if encrypted.

--> Oreka TR can pause both screen and audio via API or web user interface while credit card numbers are being received over the phone.

MiFID II (European Union financial services regulation)

  • Record all calls which will/may result in transactions.
  • Notify the customer that the conversation is being recorded.
  • Store all communications for a minimum of 5 years.

-->Oreka TR can record 100% of calls or configure the system to selectively record only certain calls; enable users to easily search for, retrieve and playback specific calls based on multi-criteria searching, and store all communications for a minimum of five years, or for any duration you choose.

HIPAA (U.S. health insurance regulation)

  • Call centers need to encrypt and secure all customer data.
  • Organizations must maintain records and proof of call recording consent during patient interactions.
  • No cardholder data (cardholder name, expiration date, PAN, etc.) should ever be stored unless it’s necessary to meet the needs of your business, and no sensitive authentication data (SAD), which includes card validation codes (CVV2, CVC2, CID, or CAV2), personal identification numbers and/or full magnetic stripe data, may be stored in a digital, audio or video format (such as WAV or MP3) after authorization, even if encrypted.

-->Oreka TR will pause both screen and audio recording via API or web user interface while credit card numbers are being received over the phone. This way, no numbers are stored anywhere on the recording system.

CMS Final Rule 2023 (U.S. Medicare & Medicaid services regulation)

  • Agents and brokers need to record calls in their entirety during the enrollment process.
  • Calls must be securely retained for 10 years.

-->Oreka TR provides automatic call recording and secure storage of all communications for a set period of time.

Let OrecX help your organization adequately comply with relevant regulations and help you mitigate avoidable penalties.

Try OrecX today for free for 30 days!

Source: https://blog.orecx.com/blog/call-recording-compliance-with-dodd-frank-pci-mifid-ii-hipaa-and-cms

Publish Date: January 27, 2023


2024 Buyers Guide Telecoms

 
1.) 
Cloudonix

Cloudonix’s smart voice calls enable frictionless experiences that drive better customer care and faster sales by merging voice and data into a complete service context. Cloudonix add Cloud capabilities to your existing on premise Call Center enabling your agents to work from anywhere in the world. Security, Privacy and more – rapidly deployed and cost effective without replacing your existing systems or retraining your team.

2.) 
PRILINK

Demarc Network Traffic Monitor
A lightweight Network Traffic Monitor that privides real-time traffic alerts and tracks all IP and SIP endpoints at Demarc. It analyzes mirrored SIP Trunk and Internet traffic in real-time and compiles Network Traffic Analytics (NTA) for all endpoints giving daily network traffic telemetry, most active endpoint summary, endpoint search table and more.

3.) 
Scopserv Integrated Services

ScopTEL IP PBX
The ScopTel IP PBX solution is a distributed software application
that can be installed on both virtual and physical servers, thus
offering a multitude of architectural designs from premise-based
servers to a centralized data center (DC) hosted WAN
environment. The application is distributed as an ISO which
includes the customized Linux operating system

4.) 
Televergence

Long Distance and Toll Free Specialists for Contact Centers
Televergence is a facilities based US Nationwide High volume/High Capacity Inbound and Outbound VoIP Carrier for Contact Centers. We specialize in termination (outbound) and origination (toll free and local DID) for the contact center. We have a technical staff that is up to date on the majority of platforms in use today, including asterisk and Vicci dial, as well as many of the currently in use software platforms.
Contact Centers generally see cost reduction and containment when using Televergence as their contact center telecom carrier. Televergence is the only active US VoIP carrier certified by the Women's Business Enterprise National Council (WBENC), which enables our services to qualify for meeting corporations Supplier Diversity Needs.
 



View more from OrecX

Recent Blog Posts:
Does your Call Recorder Prime or Prevent Analytics?March 23, 2023
Call Recording Compliance with Dodd-Frank, PCI, MiFID II, HIPAA, and CMSJanuary 27, 2023
8 Questions to Ask a Prospective Recording VendorDecember 9, 2022
Call Recorder or Recording Engine? Which do you Need?March 14, 2022
Call Recording Insights from Steve KaiserJanuary 3, 2022
Recording VoIP Traffic via Port Mirroring SwitchOctober 27, 2021
10 Advantages of Cloud RecordingSeptember 28, 2021
VICIdial Open Source Call RecordingAugust 24, 2021
Call Recording for Comcast Business VoiceEdgeAugust 17, 2021
Can your Call Recorder do This?July 29, 2021

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