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article imageBusinesses beware: The social engineering fraud case Special

By Tim Sandle     Nov 26, 2020 in Technology
A recent report by Forrester and Pindrop examines COVID-19’s impact on the call center fraud. Social engineering – the tactic fraudsters used to gain access to GoDaddy domains –shows how fraudsters gain access to sensitive data and financial data.
Cybersecurity breaches and specific cyber-scams are on the increase, and call centers appear to be particularly vulnerable. These scams can also originate in the call center, resulting in billions of dollars in fraud losses for U.S. businesses and consumers every year, and it’s only getting worse during COVID-19 with so many workers working from home.
Pindrop’s report contains some important security related observations. The first is that almost a third of call center firms have seen a more than 50 percent increase in call volume since COVID-19 began. In addition, 57 percent of firms have reported that fraud attacks in the call center have increased since the start of COVID-19 and 53% can draw a direct line from the increase in fraud to their bottom line
As a measure of the extent of the issue, the survey also finds that 80 percent of firms reported fraud is a very serious issue in the call center.
According to Vijay Balasubramaniyan, CEO of Pindrop, who tells Digital Journal: "As COVID-19 forced individuals to rapidly adapt to handling all aspects of their life remotely, contact centers have been one of the most significantly affected areas of global business – with 80 percent of organizations reporting that fraud is a very serious issue in the call center and 78 percent reporting that solving IVR fraud is a top call center initiative."
The expert looks at the survey in greater detail: "We commissioned Forrester Consulting to better understand COVID’s impact on the state of call center fraud, and we found that, as firms struggle to manage spikes in call volume, the surge has also widened the window of opportunity for fraudsters to quietly mine huge amounts of personal data to perpetrate cross-channel attacks."
In terms of reliable solutions, Balasubramaniyan calls out the "Pindrop Protect IVR, to better monitor and measure risk across every call and account and even predict which accounts are most at-risk 60 days in advance of an attack occurring."
Balasubramaniyan concludes stating: "With cybercriminals leveraging COVID as a lucrative business opportunity, our AI-based solution empowers organizations to fight back."
More about Fraud, Scam, Godaddy
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