GoResponse Telephone Answering Service Staff

Fraud costs banking call centres £20m every year

FraudCompanies in the financial sector are reportedly losing an average of £20m every year due to fraud in their call centres. The data from Pindrop shows that Britain has experienced twice the number of attacks that the United States has, with 2015 seeing a fraud ratio of one for every 700 calls. This means that telephone answering services must take this form of crime seriously if they want to protect customers and maintain their bottom line.

Pindrop used its “Phoneprinting” technology to analyse more than 10 million calls. The data was collated into the 2016 Call Centre Fraud Report, which shows that criminal activity is on the rise. In the UK, an average of £0.51 is lost per call due to fraud. This means that firms receiving millions of calls every year could be making substantial losses.

Pindrop’s general manager of Europe, the Middle East and Asia, Matt Peachey, said their definition of call centre fraud is any interaction that takes place between a call centre agent and a criminal. He said: “Our report shows that a criminal will make up to five calls before completing a fraudulent transaction in order to get as much information from agents as possible to then use at a later date across any channel.”

Peachey added: “Call centre agents aren’t fraud experts. They are tasked with providing genuine customers with a great experience and as such are being targeted by criminals making them the weakest line of defence in any attack.”

Therefore, call centres must shore up their defences by providing agents with technology that is capable of identifying fraud and use training and education to improve agent skillsets.

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