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

2023 Buyers Guide

Get Listed

Telecoms

 

1.)

Cloud IT Services GmbH Dialfire Dialfire offers you a complete call center solution that is simple and intuitive to use and adapts to your needs. It's completely cloud-based, saving you the hassle of setting up a phone system and installing software. In addition to predictive dialing and call blending of inbound calls, you can create personalized campaigns through an intuitive and easy-to-use interface. Features include automated workflows and full control over the agent screen. You can see the full list of features here:

2.)

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.

3.)	Connectica Solutions, LLC PBX On The Cloud We provide complete Cloud-based PBX/Phone Systems, including predictive and progressive dialers, phone lines in more than 75 countries and low cost international rates. We specialize in the US and Latin American market.

4.)	DiRAD Technologies AI Powered Contact Center Provider, AI Chat & Voicebot, Enterprise Telephony Take advantage of the latest customer service innovations with Contact Center, Virtual Assistant, and Interactive Voice solutions for accessible, 24×7 services across multiple channels.

5.)	Layer One Technologies Layer One Technologies provides information and communication technology (ICT) services to businesses in the greater Charlotte area. Whatever your cabling needs, we have you covered.

6.)	Lexico Telecom SIP TRUNK PROVIDER We provide competitive SIP trunk services with different level of quality, IVR mailing service, pay per call servise, DID numbers service.

7.)

Megacall VOIP services Stay in contact quickly and easily with your international offices through Megacall. Megacall will fulfill all your telecommunication requirements and on top of that go the extra mile and surprise you with new possibilities for your business, speed to action your requests and keeping within your budget. 📞 Virtual Switchboard 🔌 SIP trunk 🔢 Virtual number 📠 Call Center Solutions

8.)

NetSapiens SNAPsolution Our SNAPsolution – UC and Collaboration tools – can be quickly deployed so you can realize your ROI just as quick. netsapiens offers a comprehensive suite of unified communications (UC) & Contact Center (CC) feature-sets to service providers. Custom-built to provide our partners with unprecedented levels of flexibility, customization, and ease of use. netsapiens allows you to control your margins in order to improve your ROI. As a provider of a facilities-based solution, you are able to personally choose your origination, termination, hardware costs, etc. to fit your budget. We also allow you to strategically price your product for a maximum return on your investment by charging on a conc... (read more)Our SNAPsolution – UC and Collaboration tools – can be quickly deployed so you can realize your ROI just as quick. netsapiens offers a comprehensive suite of unified communications (UC) & Contact Center (CC) feature-sets to service providers. Custom-built to provide our partners with unprecedented levels of flexibility, customization, and ease of use. netsapiens allows you to control your margins in order to improve your ROI. As a provider of a facilities-based solution, you are able to personally choose your origination, termination, hardware costs, etc. to fit your budget. We also allow you to strategically price your product for a maximum return on your investment by charging on a concurrent call basis instead of charging per-seat or per-feature. SNAPsolution, SNAPvantage, and SNAPanalytics give you all the tools to start off strong in the VoIP industry while giving you room to grow efficiently within your means. Why Sessions, Not Seats? The era of the mobile workforce is upon us. In fact, Google recently put out an estimate that 80% of the global workforce is now performing deskless work every day! Unfortunately, when it comes to providing Unified Communications (UC) features to these deskless employees, many systems operators, carriers and service providers are stuck investing in their platforms on a per-seat basis. That limits them to chasing only about 20% of the workforce - those with actual seats and desks. Why not expand your addressable market and open your business model to chase up to 5 times as many clients as you are today? If a majority of the workforce today doesn’t have a desk, does it make sense to purchase the UC solutions you want to sell by the seat? We don’t think so. That’s why we’ve created this report titled Sessions, Not Seats. In it, we’ll show you why finding a UC platform, like our SNAPsolution, that charges for sessions instead of seats is the way to go.

9.)

Nuxiba Technologies CenterWare Build a strong business presence and improve customer relationships! Offer custom-tailored solutions throughout your sales cycles and customer interactions and assess service levels and control corporate goal achievement through reports and statistics. Obtain detailed reports based on relevant activity in your contact center, access our quality module to assess calls and performance, apply surveys, develop scripts, record conversations, and more! Schedule a live demo or request a quote today!

10.)

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.

11.)

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

12.)

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.

13.)

The Phone Number Testing Company Phone Number Testing and Validation Bulk testing and validation of UK Landline and mobile numbers, with a growing list of other coutries where we can test. If you own a large customer or business prospect sales database, our service helps you to quickly and accurately cleanse all the dead records, by identifying all the dead phone numbers. We offer a free no obligation test trial

 

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 CMS	January 27, 2023
8 Questions to Ask a Prospective Recording Vendor	December 9, 2022
Call Recorder or Recording Engine? Which do you Need?	March 14, 2022
Call Recording Insights from Steve Kaiser	January 3, 2022
Recording VoIP Traffic via Port Mirroring Switch	October 27, 2021
10 Advantages of Cloud Recording	September 28, 2021
VICIdial Open Source Call Recording	August 24, 2021
Call Recording for Comcast Business VoiceEdge	August 17, 2021
Can your Call Recorder do This?	July 29, 2021