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Industry Research : Enterprises See a Nearly 30% Spike in High-Risk Calls as Fraudsters Exploit Worry & Confusion

#contactcenterworld, @nextcaller

With COVID-19 bringing unprecedented challenges to enterprises and consumers alike, new research from call verification and fraud detection company, Next Caller, shows a worrisome increase in call traffic from bad actors looking to cash in on new vulnerabilities created by the global pandemic.

The company’s Fraud & COVID-19 Report: Preparing For Waves of Fraud and Consumer Confusion found that during the week of March 16 -- which coincided with the time that many Americans started staying home to curb the spread of COVID-19 -- there was an extraordinary strain placed on contact centers operated by Fortune 500 banking clients. While the rapid rise in call volumes may not be entirely surprising, Next Caller has uncovered a far more alarming trend.

Internal data reveals a massive increase in call spoofing, the primary technique phone criminals use to trick businesses into automatically matching them with customer accounts. While data suggests that consumer calling may ebb and flow weekly, suspicious or high risk calls have increased unabated. After just 3 weeks, high-risk calls are up 28% on average, outpacing the growth rate of overall call traffic-- suggesting that as concerned customers call in waves, hundreds of thousands of potentially fraudulent attacks pummel contact centers in their wake.

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To shed light on the potential impact that this influx of criminal activity could have on both the enterprise and the general public, Next Caller combined internal data with a research study administered to over 1,000 Americans. Amongst the many findings, the study found that 32% of Americans believe that they have already been targeted by some form of fraud related to COVID-19.

With millions awaiting financial relief from the government's $2Trillion stimulus package, the activity seen to date may be the precursor to an impending tsunami of fraud aimed at stealing money and information from individuals. Widespread anxiety and confusion only threaten to exacerbate the problem by providing ample cover for fraudsters to stress-test contact center security systems.

"It’s no surprise that fraudsters are exploiting a chaotic circumstance, that’s the playbook," says Next Caller CEO Ian Roncoroni. "What is particularly dangerous is the timing and the broadening scope of the schemes. People are understandably confused and distracted, and so they may be more likely to let down their guard, especially when attacked from new and different directions. And while businesses are desperate to provide relief, contact centers don’t stand a chance when criminals can successfully pose as customers. It’s the perfect storm for fraud."

Findings from the report include:

- During the week of March 16-23, two Fortune 500 financial institutions saw call volumes spike over 35%. Telecommunications companies saw similar volume increases.

- In the most drastic case, during Week 3 one financial institution saw call volumes increase to almost 60% above Pre-COVID-19 levels. Call volume across all clients closed Week 3 up over 15% from traffic prior to Week 1.

- Weeks 1-3 show a steady rise in high-risk calls disproportionate to the ebb and flow of overall call traffic patterns.

- After 3 weeks, high-risk calls are up nearly 30% without a decline during that time period.

- At the same time, nearly 1-in-3 Americans (32%) say that they believe they’ve already been targeted by fraud or scams related to COVID-19.

- 52% of Americans are more concerned about being victimized by fraud than they normally would be due to COVID-19 related fraud and scams.

- Nearly 1-in-3 Americans are "not at all confident" that businesses and government institutions are taking the necessary measures.

#contactcenterworld, @nextcaller

Posted by Veronica Silva Cusi, news correspondent
Source: https://www.prweb.com


About Next Caller:
Company LogoNext Caller helps you append a phone number with: Name, Address, Line Type, Email, Twitter Handle, Facebook Profile, Linkedin Profile, Age Range, Gender, Annual Household Income, Marital Status, Home Owner Status, Home Market Value, Length of Residence, Estimated Net Worth, Occupation, Education Level, and more. Next Caller also helps you detect call spoofing with real-time spoof detection.
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Today's Tip of the Day - Loyalty Versus Satisfaction

Read today's tip or listen to it on podcast.

Published: Tuesday, April 14, 2020

Printer Friendly Version Printer friendly version

2020 Buyers Guide Training

 
1.) 
CTCOMM

Call Centers
Contact Centers
Admin Training
Supervisor Training

2.) 
Davis-Mayo Associates

"Service Excellence" Customer Service Training
Live onsite training for your teams. Experienced by more than 450,000 people in 48 US states and 18 countries. No-nonsense approach by our experts with field-test content customized to your situation and using your scenarios.

3.) 
Lieber & Associates

Training Executives, Managers, Supervisors, and Reps
Lieber & Associates provides training for all levels of the contact center team. The firm customizes its off-the-shelf trainings to meet your specific company needs,

Executive and manager sessions address topics such as customer experience, metrics, technology, AI, and video calls. Supervisor sessions train your leaders to better coach and motivate reps. Phone staff modules include sessions on customer service, order-taking, cross-selling, handling difficult calls, phone "soft skills," and more.
PH: +1-773-325-0608

4.) 
Manitoba Customer Contact Association

Making Training and Development Part of Your Corporate Landscape

Organizations are always on the look out to save money and make more profit. Usually when it comes to crunch time some leaders will scrap training in order to tighten the belt. The downside of this is the cycle it creates.

Because some employers see training as a flexible benefit, employee development is often taken off the table. When employees don’t feel valued it becomes easy to see a revolving door. The constant need to hire goes up which ultimately means costs go up; we know that hiring costs more than retaining the right people.

Start the conversation: Explore our Training Page http://www.mcca.mb.ca/train...
(read more)
PH: 204-975-6468

5.) 
Orion Learning Services Inc.

Learning & Development
Learning & Development for Agents, Supervisors, Managers and Administration/Support Staff

Orion Learning is a global leader in providing accredited learning and development solutions for organizations globally. We offer call/contact center certification programs for Agents, Supervisors and Managers, business certifications and examinations for wide range of topics including project management, change management and service management, leadership soft skills and a full suite of assessment tools which can be used for recruitment, talent management, succession planning and coaching/mentoring. We deliver our solutions to global community and all of our solutions are delivered digitally.
PH: 1-416-992-5158

6.) 
Vads

VADS Training Center
PT VADS Indonesia as a Learning Center provides trainers, modules, development programs for individuals and teams. VADS Indonesia owns a vast curriculum for training provided by local trainers with flexible training locations that can be arranged at the client's place or PT VADS Learning Center. VADS Provide knowledge process, transformation consultancy, customer service training, leadership training, interpersonal development, and training for trainers.

Benefit :
- Customizable training by experienced trainers
- Increase motivation and engagement
- Improves customer service skills and knowledge
PH: 0217991445

7.) 
The Forum

Get connected to raise standards. Established in 2000, we are celebrating 20 years of best practice, our community of professionals is recognised as the ‘go-to place’ for innovation in customer operations, from contact centre and digital to field, back office, branch & retail services, working across all industry sectors.

We offer an independent and trusted space for learning and sharing, proud to welcome members are into a thriving and active community to network with other like-minded professionals. Benchmark against the best in class and learn from innovators and pioneers. Our team of independent experts can also offer bespoke advice, consultancy and training. We have helped many organisations develop the capability of their vital support functions.
PH: +44 (0)3331235960
 

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