Finance Contact Center Security Benchmark | Bandwidth

Inbound fraud in contact centers has surged by 26%, with knowledge-based authentication (KBA) proving inadequate against AI-enabled fraud, including deepfake voice attacks. This has resulted in significant inefficiencies, costing contact centers up to 25,000 agent-hours a month. Outbound calls face challenges too, as 80% of calls from unidentified numbers go unanswered. Financial institutions are urged to adopt a dual approach to tackle both inbound fraud and outbound trust issues. This includes integrating advanced technologies like voice biometrics and real-time call authentication to streamline verification processes and improve trust. STIR/SHAKEN protocols and branded calling can enhance call credibility, but they require robust phone number reputation management to avoid mislabeling. Institutions are encouraged to adopt a unified platform that combines fraud scoring and number reputation management, offering a comprehensive view of call authentication and reputation. Such measures are crucial to bridge the trust gap, maintain customer relationships, and ensure voice remains a reliable communication channel for financial institutions.

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