How pre-answered caller authentication helps prevent telephone bank fraud

Dark Reading

When it comes to providing a trusted customer environment, banks are typically better at resolving problems stemming from non-predictive authentication and fraud than preventing them. What I mean by this is when banking customers place a call into a contact center, the very act of answering the telephone sets the stage for criminals to start their elaborate social engineering schemes. Done right, however, it can also have the biggest payback for both the bank and customer.

Combating bank fraud that targets user behavior

TRUSTID

Even with fraud defenses in place, individuals are still the ones who have to ultimately make banking decisions that could put them at risk. The recent article, “How to Address Security’s Weakest Link,” explores one of the most inherent security vulnerabilities that banks face today — people. The TrustID® network-based Physical Caller Authentication incorporates proactive fraud detection to instantly educate bank agents about the legitimacy of incoming calls.

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Security concerns prompting banks to invest in multi-factor authentication

TRUSTID

With fraud against financial institutions on the rise, what will banks be focusing on in the coming year? The recent BankInfoSecurity article, “New Insight on How to Respond to 2013’s Top Fraud Trends,” suggests that fraud attempts against banks and credit unions will continue to increase this year. Deploying a multi-factor authentication strategy can play a critical role in preventing fraud across all banking channels. Authentication Banking Fraud

Banks continually challenged with securing growing sales channels

TRUSTID

Along with providing faster and more convenient ways to bank, financial institutions are constantly challenged with making sure all of their customer channels are protected. The problem with offering customers more tools for customers to bank remotely is the ability to successfully secure the growing number of sales channels without impacting the user experience. And this says nothing about the damage that security questions can have on the goodwill of banking customers.

Portugal’s Largest Private Bank Leverages PSIM for Operational Savings

Customer Interactions

When we think about the necessity of security, banking is an industry that immediately comes to mind. For banks, investing in security is simply a part of day-to-day business. Millennium bcp, Portugal’s largest bank,is an excellent example of how an enterprise can enhance its security while also achieving enormous savings. The bank had a vision to consolidate its control centers and centralize security operations, and NICE Situator gave it the ability to do just that.

The Case FOR Customer Experience as a Business Strategy

Horizon CX

Being a Customer Experience (CX) professional and having studied and practiced the art and the science of this wonderful CX discipline for over nine years now, (all within one organization) I pause to reflect on what the net result is of all the hard and dedicated work that we CX professionals have accomplished thus far and what we are yet to accomplish.

Physical Security in Retail Banking: A cost of doing business, or opportunity to build a stronger ROI?

Customer Interactions

There are few industries that spend more on physical security than retail banking. With hundreds or even thousands of branches to secure and protect, banks invest in all types of technologies, from CCTV and access control to fire alarm and vault management systems. And, mergers and acquisitions can create new complexities, as the ‘parent’ bank is faced with either absorbing the other bank’s legacy security systems or ‘ripping and replacing’ them.

I Can’t See the Forest—the Trees are in the Way

Horizon CX

As a Bank of America (B of A) customer over the last 15 plus years, [and having arrived here more as the result of acquisition than by choice] I have been a loyal customer in the sense that I have stayed and have not migrated to another banking institution. My bank account with B of A includes a checking account, a savings, account and a line of credit account—covering me in the event I overdraw from my checking account.

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PSIM ROI: The Hidden ROI of better security

Customer Interactions

I’m talking about the kind of events that can have extreme negative consequences – like an explosion on an oil rig resulting in loss of human life or environmental damage, a breach in a bank security system that protects the personal information of millions of customers, or an extended shutdown of an airport terminal due to a bomb threat. When a company invests in a solution such as PSIM the obvious reason is to improve security.

How to turn telephone identity interrogations into better customer care

TRUSTID

How valuable of a security tool would this be in protecting your customers and confidential bank information? How much would that save on your annual operating costs, not to mention positively impacting the profitable bank/customer relationship? When it comes to proactively identifying customers over the telephone, TRUSTID allows banks to non-intrusively authenticate good callers and instantly identify high-risk ones without relying on PII or costly identity interrogations.

Restoring the trust and usability of Caller ID

TRUSTID

With more banking transactions still being conducted over the telephone than the Internet, financial services industry needs to re-establish Caller ID and ANI as trusted sources for authenticating customers. IN fact, it can put a bank’s information and customer accounts at serious risk. And once the trust between the bank and customer is lost, it can be a long road for financial institutions to win back that important trust with customers and the public in general.

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PSIM: Four Bold Predictions

Customer Interactions

For example, Millennium bcp, Portugal’s largest bank, was able to reduce false alarms by 75%, and cut its monitoring and response costs by 30%. I predict we will see many more examples of operational uses and ROI for PSIM in 2013 and beyond. Over the last year, PSIM solutions have gained substantial traction, and industry analysts, such as Frost & Sullivan, are predicting exponential growth. As someone who runs educational PSIM workshops around the U.S.,

The Big Data Challenge/Opportunity: What it Means for Security

Customer Interactions

Millennium Bank is another example of an organization that has leveraged situation management technology to achieve impressive operational savings. To learn more about NICE’s Big Data solutions, join us at Interactions 2013, the industry’s leading customer conference. Take a look around and watch the people walking down the street, lost in their smart phones, listening to music, talking on the go, checking email.

The Building Blocks of PSIM

Customer Interactions

Panelists included Chris Swecker, Bank of America’s Senior VP of Corporate Security, Brian Stephens, and well-known Enterprise Risk Management expert Jeff Spivey. During my recent pilgrimage to ASIS, I walked the floor in search of something that would capture my imagination – something refreshing and new.

What’s Next for Next Generation 9-1-1 in Canada?

Customer Interactions

” Joining me for this super-sessionwere Nancy Banks, ENP, RPL, Peel Regional Police, Rob Clark, Frequentis, and Tracy Finn, Toronto Police Service. Nancy Banks and Tracey Finn fielded many questions from the audience about the trial. Following the recent FCC announcement in the U.S., it is not surprising that text-to-9-1-1 is on everyone’s minds.

How Banks are Improving their Complaints Management

Clarabridge

Financial regulatory laws strictly govern the handling of complaints in banks and other financial institutions. The Wall Street Journal reports that in 2014, US and European banks paid nearly $65 billion in penalties and fines. This record-breaking number was an increase of about 40% over 2013, which was the previous high. Prior to working with Clarabridge, a large global bank struggled with analyzing and reporting on complaints data.

How Banks are Improving their Complaints Management

Clarabridge

Financial regulatory laws strictly govern the handling of complaints in banks and other financial institutions. The Wall Street Journal reports that in 2014, US and European banks paid nearly $65 billion in penalties and fines. This record-breaking number was an increase of about 40% over 2013, which was the previous high. Prior to working with Clarabridge, a large global bank struggled with analyzing and reporting on complaints data.

Bank Branch Innovation Like Never Before: 5 Brands Redefining Tradition

Avaya

Sources like CNBC and The Telegraph predict that the retail bank branch will die within the next decade. In fact, the market is heading towards bank branch innovation unlike anything we’ve ever seen. As an industry slated to experience more disruption in the next 10 years than the last few centuries, there’s no denying that banking is radically changing. Traditional vendors must now compete alongside newer digital-only banks like Ally in the U.S.,

Employee Culture: Why Amazon is on Top and Bank of America Isn’t

Beyond Philosophy

Last year’s survey revealed that Amazon claimed the top spot and Bank of America…well, didn’t. That is to say, Amazon has it—and Bank of America doesn’t. The Bottom 10 Companies Technically, Bank of America isn’t listed here by name but they do fall under the label of “Any Bank.” I would argue that this is true of Bank of America. I am not a fan of banks. In my experience, banks don’t ever put the customer first.

3 Statistics that Prove Banks Have a Problem

Clarabridge

Banks encounter many of the same problems as other enterprises— customer retention and loyalty, revenue growth, etc. So, what exactly are banks facing today? 22% of customers think banks are all the same. Banks provide a certain set of services that can be hard for customers to differentiate. 83% of customers find it easy to switch to a different banking provider. US and European banks paid $65 Billion in fines in 2014.

3 Statistics that Prove Banks Have a Problem

Clarabridge

Banks encounter many of the same problems as other enterprises— customer retention and loyalty, revenue growth, etc. So, what exactly are banks facing today? 22% of customers think banks are all the same. Banks provide a certain set of services that can be hard for customers to differentiate. 83% of customers find it easy to switch to a different banking provider. US and European banks paid $65 Billion in fines in 2014.

How to Evolve Banking Customer Experiences for Survival

PeopleMetrics

This was the terrifyingly binary challenge Joe Sullivan , CEO of Market Insights delivered to a group of banking execs last Friday at the N.J. Joe shared some statistics that would make less-intrepid bank executives contemplate a career change. But the bank execs in attendance were open to facing the daunting facts, such as: Small banks are dying out. This means the customers' needs and expectations from the bank's employees are more demanding and higher than ever.

Employee Culture: Why Amazon is on Top and Bank of America Isn’t

Beyond Philosophy

Last year’s survey revealed that Amazon claimed the top spot and Bank of America…well, didn’t. That is to say, Amazon has it—and Bank of America doesn’t. Technically, Bank of America isn’t listed here by name but they do fall under the label of “Any Bank.” I would argue that this is true of Bank of America. Zhecho Dobrev , a one of Beyond Philosophy’s Senior Consultants, recently told a story on our blog about his experience with Bank of America.

10 bank fraud lessons of 2012

TRUSTID

As much as we’d like to think that remote banking is safe, the reality is threats across all customer channels still exist. With new and emerging threats facing financial institutions every day, banks need to stay one step ahead of today’s tenacious criminals. Continued education is essential for fighting bank fraud : With crooks cooking up new schemes all the time, bank fraud teams need to keep up with the latest criminal trends and tactics.

The Future of Voice, Fraud, and the Impact to CX | A Recap

pindrop

There has been a 350% increase from 2013 to 2017 in phone fraud, and a 47% increase from last year. Banks and the insurance industry are experiencing a higher level of fraud, with a 20% and 36% increase in fraud year over year respectively.

Benefitting from Today’s Advanced IP Video Capabilities without Breaking the Bank

Customer Interactions

According to an IMS Research forecast, 2013 will be the tipping point wherein networked or IP video surveillance equipment sales will overtake analog video surveillance equipment sales. Whatever option is the right one for your organization, you can take comfort in knowing that you won’t have to break the bank to benefit from today’s advanced IP video capabilities.

Attention, Target Shoppers: It’s Come Down to Trust. Distrust, or Even Disgust

Beyond Philosophy

Trust creates, what my colleague Colin Shaw calls, an emotional bank account. At Target, though, trust was broken with data breaches affecting 110 million customers (40 million accounts, and the theft of 70 million more customer records), whose bank security has been significantly impaired, with massive withdrawals. households shopped at Target; but this is down from 43% in January, 2013.

Guest Blog: “Zhuzhing Up” Humans in the Contact Center

ShepHyken

Yet bank employees did not disappear with the advent of the ATM. The World Bank finds in its 2019 examination of the workforce that while technology is indeed changing how people work, it’s also creating new opportunities. In the 2013 movie Her , the teaming of bots and humans led to an entirely new connotation for the term “work spouse.”

Getting Company Culture and Operations Right, and Keeping Them Right: What It Really Means to Be Stakeholder-Centric This Labor Day

Beyond Philosophy

In 2006, when it was sold to Bank of America, MBNA was an enterprise of 25,000 employees, the U.S.’ When the company became part of Bank of America, the MBNA employees publicly thanked Charles Cawley, who founded the company, for all he had done on their behalf (see above). In my recent employee ambassadorship webinar , three seminal books which offer strategies and stories were identified: Firms of Endearment (2007), Conscious Capitalism (2013), and Everybody Matters (2017).

What Target Is Doing to Regain Consumer Trust – – And One of The Most Effective Things They (and GM) Could/Should Do

Beyond Philosophy

My colleagues and I have been observing how Target’s data breaches, which have impacted over 100 million shoppers during the 2013 holiday shopping season, resulted in a draining of the emotional bank account of customer trust. They can build a veritable bank account of trust; and high trust, and the positive reputation and image it breeds, is an enduring strategic advantage, a definite competitive differentiator. Michael Lowenstein, Ph.D.,

Step up Customer Assistance with Live Video Support

TechSee

A growing number of brokerages and financial planning firms, including Bank of America and TD Ameritrade are following suit, offering financial advice with a personal touch via online video chat support. Amazon Mayday : First launched in 2013 in connection with the Kindle Fire, Amazon Mayday was an in-app video support that connected an Amazon agent with the Kindle customer with the tap of a button.

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You Can’t Legislate Customer Centricity

Beyond Philosophy

Target , who suffered the data breach in 2013, knows the importance of this immediate and comprehensive action. If you enjoyed this post, you might be interested in the following blogs: The Draining of Target’s Emotional Bank Account. President Obama’s sixth address to the union was last night. He touched on several key issues citizens in the US are familiar with from unrest in the Middle East to the need for better opportunities for middle-class families to thrive in the economy.

25 Call Center Leaders Share the Most Effective Ways to Boost Contact Center Efficiency

Callminer

Launched in 2013, Zingtree has helped over 15,000 organizations streamline support, engage with customers, and more. And if done through an app (such as the bank’s mobile banking app), the voice recognition can also be tied to the device ID of the user.

“Unlock your Potential”: ADP Canada and the Secret Behind Customer Service Success

Fonolo

Amar Sidhu has a rich history at ADP Canada, taking up leadership there in 2013, with three as the VP of Customer Care, and four years as Senior Vice President of Service Delivery under his belt. It doesn’t matter if you’re selling nuts and bolts, or you’re in the HR space, or in banking where I grew professionally — to me it’s about driving that customer experience to be better than anyone else and continually asking yourself how to exceed expectations.”.

Unleashing Agent Retention in Contact Centers: Top Experts Reveal Secrets

Call Center Coach

She is responsible for a team of 30 plus banking professionals along with a team of 9, providing procedural support to associates across 120+ offices. She was awarded Volunteer of the Year from the High Point Chamber of Commerce in 2011 and 2013 for her work in her community. The fifth step ( Step 1 , Step 2 , Step 3 , Step 4 ) in the contact center agent journey is about agent retention. Retaining contact center agents has always been a significant focus area in contact centers.

Be Customer-Obsessed and Leave Your Competition Behind – CX Lessons by Mr. Sandeep S Patel, Customer Service Consultant

Customer Guru

The best example of putting customers first was the historical decision in 2013 of adding all music (physical CDs, records, or cassette tapes) that was legally purchased through the site since 1999 into Amazon’s AutoRip Service or Amazon Cloud Player. If we are to consider the banking sector, most of the infrastructure, systems, and practices that are used by the organizations are still medieval.

Guest Blog: Five important trends impacting customer service today and into 2019

teleopti

If you think you’re getting a little more love from your bank, you might be correct. Big banks and, to an even greater degree, the smaller community banks, are listening to their customers and trying a little harder to dissuade you from wandering off to their competitors. Unemployment has also been sharply declining for European Union nations since 2013. What are some of the key trends that will mold business and customer service operations in 2019?

“Unlock your Potential”: ADP Canada and the Secret Behind Customer Service Success

Fonolo

Amar Sidhu has a rich history at ADP Canada, taking up leadership there in 2013, with three as the VP of Customer Care, and four years as Senior Vice President of Service Delivery under his belt. “How does ADP do customer service so well?”.

Loyalty Programs!?! We Don’t Need No Stinkin’ Loyalty Programs!!!

Beyond Philosophy

Walmart, has been considering development of its own ‘house’ bank, which would provide even more customer data. Actually, much of this pullback has been done by one organization, Cerberus Capital Group, the early 2013 purchaser of multiple regional retail supermarket chains from Supervalu (Shaw’s, Acme, Star, Albertson’s, and Jewel-Osco).

CX FORUMS: 2018 Key Note Speakers

Livepro

In 2013 his team was the ICMI “Global Contact Centre of the Year” for Small to Medium-Sized Centres. Luke was also awarded Victorian Contact Centre Manager of the year 2013.