It’s raining fraud

I don’t think you can actually open a newspaper (if you still partake in this archaic ritual), check your email or browse the Twitterverse without hearing about a new data breach or the latest phone scam and just how much money fraudsters are running off with. Maybe I’ve chosen the wrong career.

All of these stories present a grim reality, where industry thought leaders see the fraudsters continually gaining the advantage, rather than our banks levelling the playing field.

According to the Washington-based Center for Strategic and International Studies, cybercrime costs around $582 billion a year and remains a growth industry with attacks on banks, retailers and energy companies that will likely worsen. So how do we protect ourselves from this nasty phenomenon?

Well, the British Bankers’ Association recently published a list of eight things your bank will never ask you (but a fraudster might). Although it may seem obvious, they include “never asking you for your PIN or any online banking passwords over the phone or via email.” We, as consumers, should make it as difficult as possible for the bad guys, by regularly changing passwords, staying vigilant and keeping abreast of the latest scams.

It’s time that our banks, telecommunications providers, insurance providers, airlines and retailers stepped up their game to combat the rising tide of fraud as well. The National Consumers League found that fraudsters are more likely to contact you by phone, rather than websites or emails. As fraudsters continue to migrate to less protected channels, such as the phone, we need to see more focus in this area to keep the contact center and consumers safe.

The ability to analyze calls as part of a real-time engagement center and detect fraudsters in real-time while they’re still on the line, is the best way to keep the good guys safe and the bad guys out.

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