Anti-Fraud Measures Don’t Work As Well As You Think (Insurance Thought Leadership )

Anti-Fraud Measures Don’t Work As Well As You Think

  Tuesday, July 26th, 2022 Source: Insurance Thought Leadership

Faced with increasing competition, insurance providers are adding new products and offering better deals to take a slice of the $200 billion in revenue opportunity. Yet, providing an experience that meets the needs of today’s customers can prove challenging, especially when it comes to seamlessly authenticating customers.

Insurers, like many modern-day service providers, can store sensitive customer account information and even have access to customer banking/payment information, making it essential that they deliver the appropriate account protection and customer experience.

To do so, insurers need to know who is accessing accounts from the beginning of the interaction, on mobile, via web and over the phone. However, contact center phone exchanges are increasingly a challenge for insurers, especially as fraudsters leverage new tactics to gain access to customer accounts.

Contact center customer interactions usually start with a series of questions that begin the authentication process by asking the user to verify their name, phone number, account number and other knowledge-based authenticators (KBAs), for example.

But with data breaches making this information readily available and social engineering attacks tricking users into handing over their information to fraudsters, it’s harder than ever to tell if a caller is genuine.

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