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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 Knowledge Management

 
1.) 
168Solution

Contact Center Innovation Channel and Digital Transformation Enabler
Providing Research, Training and Consulting related to Customer Experience Delivery, support Project Management by Unit or Corporate.
Have the ability to conduct research for specific needs.
Having deep knowledge on the Digital Interaction/Contact Center / Omni Channel / CRM various Stakeholder and Emergency Response ecosystem in Indonesia.

2.) 
eGain Corporation

eGain Knowledge + AI
eGain Knowledge+AI™, the top-rated, analyst-awarded knowledge management software, guarantees quality customer service by infusing your customer service agents with knowledge, making all agents as productive as your best ones. By providing agents and other users a range of ways to get to information from the common knowledge base, it ensures fast, consistent, and accurate answers.

3.) 
FuzeDigital

FuzeDigital offers an affordable yet comprehensive knowledge base to answer your consumers' and staff questions. When assistance is needed, our email management system ensures your timely and accurate delivery of responses. Used by companies large and small that seek to deflect common questions while providing exceptional support.

4.) 
Knowmax

Knowmax is a knowledge management software for enterprises. Customer service of any organization can leverage this tool to create, curate & distribute the knowledge at assisted as well as digital channels promoting self service.

5.) 
livepro

Knowledge Management software
livepro are experts in Customer Experience Knowledge Management and are passionate about improving customer experience. livepro is feature-rich yet easy to use, delivering answers to agents – not long complex documents to dig through. This makes customer service quicker, easier and more efficient. Staff require next to no training on complex procedures thanks to livepro’s intuitive design, which brings confidence up and training costs down.

6.) 
ProcedureFlow

ProcedureFlow is a step by step visual guide that supports agents as they navigate company processes. With a knowledge management solution that simplifies complex information, employees can spend less time searching and focus on what they do best. ProcedureFlow’s simple and intuitive platform enables contact centers to quickly and easily create, maintain, and update company processes in real time. With ProcedureFlow, teams can work more efficiently, better serve customers, and drive results that matter most to their business.
 



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
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