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Phone Fraud | Monetary Loss - Pindrop - ContactCenterWorld.com Blog

Phone Fraud | Monetary Loss

 

How a Polite Welsh Lady is Racking up Phone Fraud Losses for Businesses

 Of the many channels targeted by fraudsters, the call centre is perhaps the most popular. In fact, 61% of fraud losses from account takeovers involve it, according to research by Aite Group.

The reason is obvious. More often than not, phone defences amount to just one thing: the call centre agent. These employees are very rarely trained in fraud detection, making them susceptible to a number of techniques fraudsters use to gain access to accounts.

With a majority of other channels protected from fraud, many businesses do not have allocated budget towards phone protection or call centre training. This leaves them extremely vulnerable to phone fraud losses.
To understand the extent of the threat, Pindrop® Labs reviewed more than half a billion calls for fraudulent activity. We discovered that there are a number of different prolific fraudsters, each with a specific and identifiable modus operandi.
By understanding one type of attacker, you can identify the methods that many others use to target businesses and extract millions of pounds from them…

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Introducing the Polite Welsh Lady

This woman with a slight Welsh accent is one of the most effective fraudsters our research has come across. She is extremely friendly, well-spoken, and able to put most call centre agents at ease.

The Polite Welsh Lady’s social engineering skills are not to be underestimated. Even when she does not have the correct information, she’s able to extract it from the agent by successfully controlling the conversation.
Using these tactics, she has successfully transferred several thousand pounds from a large number of accounts.

Plugging the Fraud Gap

The financial impact of phone fraudsters like the Polite Welsh Lady is huge. In the last year, data collected at Pindrop® Labs has shown a significant increase in the cost of fraud to businesses. In the UK alone £0.86 per call is lost to phone fraud – a 68% increase from £0.51 in 2015.

Source: https://www.pindrop.com/how-a-polite-welsh-lady-is-racking-up-phone-fraud-losses-for-businesses/

Publish Date: July 10, 2017 5:00 AM


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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.
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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.

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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.
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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.
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Knowledge is your company's most valuable asset. An intelligent Knowledge Base can harness that asset, supporting your customers and empowering your agents.

Purpose-built with your users in mind, the knowledge base stores all information your customers need and search for, from policies to product details. Integral to CX, an intelligent knowledge base allows customers the freedom to self-serve whilst delivering them great results at their convenience.

Internally, the centralised knowledge base equips your employees with all the knowledge they require to assist customers, enhancing not only the way agents work, but the impact on CSAT.

Knowledge can be seamlessly integrated with your customer service tools to ensure complete coherence of information, even when it's updated.
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View more from Pindrop

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