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Contact Solutions Reveals Staggering Data with Adaptive Fraud Prevention SolutionContact Solutions, a leading provider of cloud-based voice and mobile customer engagement solutions improved by business intelligence, today announced insightful findings based on data extracted from its Adaptive Fraud Prevention Solution. Proprietary analysis of millions of interactive voice response (IVR) interactions reveals that an astounding one in 360 (1/360) calls are fraudulent, with each individual fraudster accessing multiple accounts, usually with spoofed telephone numbers. An alarming 25% of fraudulent calls lead to the successful compromise of an account. The analysis also identified how fraudsters conduct malicious activity, citing disposable cellular phones as the primary method (50%), anonymous voice over IP (VoIP) connections (47%), and landlines with spoofed numbers (3%). Fraudsters using cell phones prefer prepaid devices with no contract, while those using VoIP numbers often choose anonymous services to disguise the origin of the call. These statistics illuminate the increasing vulnerability of the contact center, where fraud can be detected in the form of abnormal "probing behavior." Criminals leverage data stolen from data breaches to infiltrate accounts through an organization's IVR, making it a home base for fraudsters to hijack caller information and gain access to the account balances, deposit activity and more. Adaptive Fraud Prevention is a multi-layered, automated fraud management tool that monitors and analyzes IVR interactions to reduce vulnerabilities at the individual caller level. The solution detects suspicious behavior patterns that identify fraudulent activity so organizations can take action to protect the customer experience and the credibility of the contact center. Adaptive Fraud Prevenion is available to customers who subscribe to Contact Solution's hosted IVR solution. Supporting Quotes
Tim McCurry, Director of IVR Products with Contact Solutions
Gartner (News - Alert), Inc. "Market
Guide for Online Fraud Detection" by Avivah Litan,
Jonathan Care (April 27, 2015) Additional Resources
About Contact Solutions
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