The call center is one of the most challenging channels when it comes to balancing security with customer experience. Fraud methods that target the call center – such as ANI-spoofing and account takeover attacks – are on the rise, with 51 percent of financial service professionals believing that phone channels see the greatest number of ATO attempts.* At the same time, we all know how unpleasant it can be to deal with security processes such as knowledge-based authentication and PIN codes when dialing into a call center, and quick and easy user enrollment remains a top priority for 91 percent of call center industry leaders.*
The good news is that there is hope for brands looking to use technology to solve these issues. Payfone’s Call Center solution uses a sophisticated, multi-layer approach to authenticating call center calls and the identity of callers to prevent ANI-spoofing and ATOs while also delivering a frictionless experience to >90% of callers. Enterprises can alleviate security concerns by leveraging the Payfone Trust Score™ and call authentication for real-time porting and SIM swap intelligence and to prove possession of the phone dialing into the call center. The Fonebook can then be used to identify callers for an increased ANI-match rate that eliminates the need for KBA questions and contains callers in the IVR so that they can quickly service themselves instead of requiring human intervention.
Curious to see what other features make Payfone’s Call Center solution so comprehensive and to see how your current solution stacks up? Download our Call Center Authentication Checklist below for the most critical differentiators to look for in a solution.
All companies want better privacy, security and ease-of-use for their customers, but it’s often difficult to weed through the marketing hyperbole and get to the bottom of what makes one identity authentication method better than another. NIST, the National Institute of Standards & Technology offers a practical, third-party way to overcome the confusion with clear-cut cybersecurity and privacy standards and best practices for enterprises in the U.S. to adopt.
NIST 800-63B “Authentication & Lifecycle Management”, is a government publication based on a collaboration with industry experts which sorts authentication options into good, better, best categories, assigning “assurance levels”. The publication includes descriptions of AAL1 (the lowest authentication assurance level); AAL2, a multi-factor authenticator or a combination of single-factor authenticators; and AAL3, the highest level, which must include a hardware crypto-device. Click here for a summary of NIST’s assurance levels in plain language and learn how you can get a complimentary consultation to definitively see what level of assurance your current or prospective identity authentication methods meet.
Did you know that 38% of customers drop out of the onboarding process because of frustration with the serious amount of paper or the overwhelming volume of information required (Deloitte).
In a new episode of Money20/20’s Money Pot podcast called “Mind the Trust Gap: Strategies to Improve the Customer Journey“, Scarlett Sieber and Sanjib Kalita turn to our CEO, Rodger Desai, to uncover strategies that financial institutions can use to strike the proper balance between security and a great customer experience. Follow the link below to listen to Rodger’s insights on the “Trust Gap” and how overcoming it can help companies cut through the competition.
With nearly 111 million consumers using services like Airbnb, Uber and Freelancer.com daily, the sharing economy is booming more than ever before. And if you consider the sensitivity of the information, goods, services, and funds being exchanged, it should go without saying that the secure identity authentication and verification of users accessing these platforms is critical. But as a new report from PYMNTS shows, many sharing economy platforms are still using surprisingly weak identity verification and authentication methods that put consumers’ digital identities and data at risk.
Based on their survey of 3,585 consumers in early 2019, PYMNTS made the following conclusions about the digital identity authentication and verification techniques being used by sharing economy platforms today:
Based on PYMNTS’ data, it can be concluded that sharing economy platforms could solve these issues by employing the identity verification methods most preferred by their users (fingerprint scanning and personal questions) – but that would only be addressing one side of the experience vs. security coin. As numerous news articles show, fingerprint biometrics can be shockingly easy to hack and personal security questions have the same issues as passwords and email addresses – they’re notoriously simple to crack using information found or purchased on the dark web.
So what can sharing economy platforms do to both raise their users’ satisfaction levels and ensure that their data and identities are protected against fraud?
Passive identity authentication, an emerging technology that is already in use at many of the world’s largest banks, healthcare companies, and technology enterprises, would allow sharing economy platforms to authenticate users frictionlessly through their mobile phones without any action necessary on the part of the user. When compared to fingerprint scanning or personal questions, passive authentication is even more seamless, and is substantially more secure as the only way a fraudster could crack this technology is if they were actually in possession of the target’s mobile device (which is not scalable).
Passive identity authentication, such as Payfone’s mobile authentication tools, would enable sharing economies to leverage the same level of security used by large banks while also extending the best possible experience to their userbase.
The rise of mobile technology and automated platforms has led to more advanced self-servicing and convenience for consumers. Ironically, many of those same technologies also lead to more call center interactions and human intervention when customers are unable to complete transactions on their own, which causes frustration (long call wait times, annoying security questions to verify identity, and then having to re-verify your identity each time you are transferred to another part of the call center), as well as higher expenses and a decline in customer satisfaction.
Payfone CEO Rodger Desai recently joined a panel of industry experts from Infobip, Citi, and Amazon Web Services at Medici’s inaugural Inner Circle event to share insights about what companies can do to differentiate themselves with safer, faster and easier customer experiences and stay relevant in the digital age.
Growing instances of fraud in digital channels (“year-over-year online fraud losses are up 10% or more for 60% of FI risk executives surveyed” – Aite Group research, 2019) are forcing enterprises to design their customer experiences around preventing fraud rather than creating great customer experiences with fast and easy interactions. The fear of fraud overtaking the desire to deliver great user experiences creates a “Trust Gap” whereby most companies can only “pass” ~40% of customers during digital interactions (such as logging in to online or mobile accounts or calling into a call center) without subjecting them to cumbersome identity authentication processes such as security questions and SMS passcodes. The Trust Gap describes the discrepancy between the ~60% of interactions that brands typically treat with suspicion despite the fact that only 2-3% of transactions actually deserve further inspection.
Research indicates that many enterprises are actively working to overcome the Trust Gap to be able to extend the best possible user experiences to customers without sacrificing security. According to Aite Group, 86% of merchants surveyed and 88% of FI respondents indicated that improving the CX is the #1 key factor driving their investments in anti-fraud technology.
How can companies use the Trust Gap to their benefit to get a leg-up on the competition? Head to Forbes to read what our CEO, Rodger Desai, says about how trust will be the KPI that reshuffles the Fortune 500, and what enterprises can do to start capitalizing on this trend.
Our clients are able to extend great digital experiences to their customers who have high Trust Scores – but what about those consumers who have Trust Scores below 300, which may be an indicator of unusual behavior, synthetic identity fraud, or SIM swap and other attacks?
Adaptive Orchestration is a real-time measure of identity confidence for those consumers who cannot be immediately passed because their Trust Score is too low, or whose use case requires multi-factor authentication, thus requiring further investigation. With Adaptive Orchestration, additional methods such as ‘take a selfie’ can be used to inform the Trust Score in real time. This process may be used to further verify consumers with Trust Scores between 300-630 who may be legitimate but are showing unusual behavior.
The image above shows one example of how adaptive orchestration allows a consumer to take a selfie in real time and have it instantly matched with their US passport on file.
After a successful step-up authentication that passes the customer via Adaptive Orchestration, the Trust Score immediately adjusts to a level of 630 or above, and will persist to avoid the need to step-up the same customer in the future if no new indicators of unusual behavior are evident. All of this is seamlessly orchestrated across all channels via the Payfone Trust Platform.
To learn more about Adaptive Orchestration, contact us.
No industry is safe from the Amazon Effect or the Uber phenomenon or the WhatsApp moment, especially Financial Services. With consumer expectations higher than ever, brands are having to revolutionize the way they communicate with their customers. We are in the new age of omni-channel, omni-present communication that must respect the intelligence of customers and address their preferences. With technology like AI-powered chatbots leveling the playing field, companies must “meet” customers wherever and whenever they choose, without compromising on richness of context or trust and security. As FinTechs increasingly move away from disruption and focus on mutually beneficial collaboration with financial institutions, there’s a need for a platform-based approach to ensure that the end-customer’s experience is curated rather than confusing.
Make sure you have a platform that will grow with your company and orchestrate content in a plug-and-play fashion across all customer touchpoints and channels. Contact us to learn more.
Consumers are increasingly digital in everything they do. In fact, more than 60% of consumers of all ages log into their financial accounts at least once per week, with younger consumers showing particularly strong use and engagement with the mobile channel (Figure 1). As a result, banking and commerce transactions are rapidly migrating into the online and mobile channels.
Considering this overwhelming trend towards digital, it’s not surprising that improving the customer experience is the #1 consideration for the majority of merchants and FIs as they are contemplating new investments in fraud mitigation and authentication. According to a report from global research firm Aite Group, 86% of merchants surveyed and 88% of FI respondents indicated that improving the CX is a key factor driving their investments in anti-fraud technology (Figure 2 and Figure 3).
The same report highlights Payfone’s unique ability to enhance customer experiences by verifying identity securely and little or no friction on the customer’s end. The paper also shows how Payfone’s diversified signals deliver 73% higher identity verification rates.
It is now possible. Payfone assigns a real time personalized Trust Score to every consumer.
Listen to (or read about) a just released podcast with Tearsheet and Rodger Desai, CEO of Payfone to hear how using telecom and other signals, Payfone yields up to 73% higher verification rates, which turn into high consumer pass rates and enrollments.
Tearsheet’s Zack Miller breaks it down for you in a new podcast. Rodger discusses some of the top challenges businesses are facing today and how they are solving them with advanced digital identity authentication. He also shares insights on how to measure digital identity ROI, and a new report published by Aite Group about why diversified signals are key to higher identity verification rates.
Listen to the new Tearsheet podcast here.