Customer Contact Center Defense

The Problem & Vulnerability

After implementing Okta Multifactor Authentication for their online and mobile banking customers, the bank discovered that fraudsters targeted the weakest link: the bank’s customer contact center. The fraudsters would research a bank customer’s security questions on social media, then call in and impersonate the real customer to request password and MFA resets. Once they obtained the password and MFA resets, the fraudsters would log on to the customer’s online banking account and drain their funds.

How CallerVerify Solved It

The bank implemented CallerVerify to securely confirm the identity of customers calling in. They integrated it with their SIEM system to alert the fraud investigation department if a caller failed verification, providing metrics on how many potentially fraudulent calls were prevented. Additionally, the verification time for calls was reduced by nearly 2 minutes, which customers appreciated. Call center agents also reported higher job satisfaction and lower turnover, as they no longer had to deal with frustrated customers struggling to answer security questions.

Key Results & Business Benefits