Engineering Speech Analytics To Stop Social Engineering
Speech analytics is about more than measuring customer sentiment and eliminating pain points; with Sitel Speech Analytics it’s an invaluable anti-fraud solution too. Reduce Your Fraud Risk with Sitel Speech Analytics.
From firewalls and VPNs to artificial intelligence (AI) powered antivirus software and secure clouds, technology has made every aspect of business more secure against data breaches and potential fraud in recent decades. However, oftentimes the contact center is viewed as a possible weak link in organization’s defenses against fraud.
Your agents need protection
Agents, correctly, are focused on delivering a positive customer experience (CX) and improving the metrics that matter, such as NPS, CES and CSAT. And, the skills that elevate these scores, such as emotional intelligence and empathy can, unfortunately, make agents potential targets for attempted social engineering.
Clearly, ongoing training on best practices and understanding the latest fraud techniques mitigates much of this risk – as does locking down the caller authentication process. However, no matter how thorough or frequent the training, oftentimes it is reactive. Training is informed by historical data regarding fraud and isn’t updated until a new, usually successful approach to social engineering has been identified.
New opportunities for social engineering
Now add to the mix the fact that since March, the world has been dealing with the impact of a global pandemic; and as a result, a host of new-found opportunities for fraudsters to game the system. Attempted attacks such as calling a bank on behalf of a customer who can’t come to the phone because they’re in the hospital suffering from coronavirus, are expertly conceived to play on the other party’s emotions and concerns.
Leaving your agents in these situations without a safety net can be irresponsible. Luckily, with Sitel Speech Analytics, the technology exists to provide them with the confidence they need to continue delivering for your customers.
Catching fraud in real time
Because it monitors and processes 100% of direct contacts, our speech analytics solution ensures authentication protocols are followed and that every potentially high fraud-risk scenario is flagged as it unfolds.
If the system identifies an attempt to defraud the company, the agent is supported with predefined actions or, in exceptional cases, is connected with coaches and supervisors to manage the situation and achieve the right outcome in the moment.
On average, our clients who use the solution, and are already heavily invested in compliance and anti-fraud training, experience a further 17% improvement in customer compliance.
This is only possible due to the fact that our solution is essentially the flip side of the same coin that ensures agents receive real-time training based on in-call performance. It means that if there is a deviation from the script or if customer sentiment doesn’t align with the topic of conversation it’s isolated, identified and flagged immediately. Clients who have adopted the solution have seen a 30% drop in authentication errors while simultaneously shaving 25% of the average time to authentication.
Hackers, cyber criminals and fraudsters try to stay one step ahead by constantly updating their toolkits. Every time a company suffers a data breach and a new list of passwords are exposed, all serious hackers integrate this new data so they’re more successful when attempting to access online accounts – and oir solution follows the same principle.
It is constantly updated with every new type of attempt at, and approach to, social engineering so it becomes more and more intelligent and effective every day. This commitment to continuous improvement means that anti-fraud measures are always proactive. As the Association of Certified Fraud Examiners data shows, leveraging speech analytics to stay ahead can result in a 54% reduction in fraud losses.
In addition to fraud, the solution protects against non-compliance, capturing and indicating any instance where an agent may not have followed every step of an authentication process, e.g., if he or she hasn’t given all regulatory information or clearly stated every disclaimer, term or condition related to a product or service – whether relating to securities, investment, mortgage sales of loan protection.
And our speech analytics-powered compliance capabilities go further still. We can program for pricing, geographic location or inventory in order to spot any potential conflicts of interest on the agent side or attempts at bribery or false misrepresentation of funds.
Our speech analytics anti-fraud solution actively builds up profiles based on potentially fraudulent behavior, creates and constantly refines directories of common phrases, words and terms associated with suspicious contacts, and channels those insights to constantly provide agents with the support they need to do their jobs to the best of their ability.