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…
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.
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.
Publish Date: July 10, 2017 5:00 AM
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