Call centers are becoming increasingly more vulnerable to fraud. With the proliferation of stolen identity information available on the Dark Web and the ability to social engineer other validation information, fraudsters are increasing committing account takeover via IVR and direct contact with call center personnel.
According to IDology’s 2015 Fraud Report, suspected call center fraud attempts rose from only 2% in 2014 to 13% in 2015. Additionally, fraudsters have access to technology that allows them to mask, or spoof, phone numbers enabling them to avoid caller ID or automated number identification (ANI) systems used in credit unions’ call centers today.
Criminals always try to exploit the weakest link to attempt to gain access to accounts, reset passwords and more. Call centers can often provide this avenue to fraudsters allowing them to spoof a number and then social engineer their way into someone’s account.
Having the proper tools to combat spoofing is essential to stopping call center fraud. Advanced call verification solutions go beyond number matching and verify if the displayed number is actually, in connection with call center. This gives agents and fraud teams to identify spoofed numbers in real-time and reduce the chance of social engineering attacks – ultimately improving call center efficiency and security.
Spoofed calls are also on the radar for fraud professionals. In 2015, Mercator Advisory Group interviewed fraud management executives at financial services institutions. In an executive brief sponsored by IDology, respondents noted that “Fraudsters are innovative, finding new tactics for gaining information to disguise their identities for financial gain by using event changes or new forms of spoofing, hacking or account takeover.”
Additionally, IDology’s annual Fraud Report also found that suspected fraud attempts continue to climb – making it essential for credit unions to not only have the ability to spot potential spoofed calls for financial gain and account takeovers, but to also employ a fraud prevention platform that encompasses the many ways criminals try to gain access to credit unions members’ accounts.
To download the complete IDology’s 2015 Fraud Report or the recently published executive brief focusing on the financial services industry, click here.