Academic journal article ABA Banking Journal

Contact Center Fraud on the Rise

Academic journal article ABA Banking Journal

Contact Center Fraud on the Rise

Article excerpt

As a follow-up to last month's look at how call centers (now contact centers) are still a relevant banking channel, this article, excerpted from a two-part series on ababj.com, points out a vulnerability banks should be alert to.

Ask your bank's contact center reps if they've received calls from people who know some, but not all the required authentication information. The answer likely will be, "All the time."

These callers are criminals trying to pry away sensitive or otherwise identifying data about legitimate customers' accounts. Each call is intended to add another bit of the picture, which they'll use to take over accounts and abscond with funds. Once they get the data they need, the criminals often will attack the account in some other channel, such as online or mobile.

"It's not a new phenomenon," says Shirley Inscoe, senior analyst at Aite Group. "But I think the volume of these calls and the organization behind it is what's really new."

"These people are very sophisticated," she continues. "They literally have databases of information about all of us. They may have our credit card number, PIN, name, address, Social Security number. …

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