Confidentiality is a non-negotiable when it comes to protecting the privacy of customers. The trouble is, companies may find themselves at the mercy of unscrupulous fraudsters as a result of data breaches. If the customers’ private information is exposed, the customer and company can lose financially, and even worse, the company’s reputation (and bottom line) can take a serious knock. It’s imperative to have watertight security solutions in place to combat fraud.
In financial services, the most frequent point of contact between the business and customer is from the contact centre. Traditionally those contact centres have relied on security questions as a means of industry compliance in positive identification, but this method is vulnerable: fraudsters can pretend to be the customer and even use the security process to learn more about that customer through unwitting agents. Agents themselves may also potentially exploit loopholes in security question systems to commit fraud. Voice authentication, however, closes those (and other) loopholes down.