MIAMI and BOSTON— November 18, 2019 — Half (46%) of Americans admit they have been a victim of fraud, but nearly all (92%) think the risk of fraud is increasing in our day-to-day activities. Even more concerning, nearly one third (31%) have actually felt at risk for fraud when contacting a brand’s customer service department, and 47% said it was because they had to share personal information with a customer service agent. That’s according to Sitel Group and CallMiner’s 2019 Preventing Fraud & Preserving CX with AI Report, which uncovers consumers’ experience and concerns around customer service fraud, voice assistants and information security, in honor of International Fraud Awareness Week, November 17-23, 2019.
“The Preventing Fraud & Preserving CX with AI Report revealed critical consumer concerns around fraud that brands and customer experience agents must address to stay competitive in the market,” said Cris Kuehl, VP, Analytics and Client Insights at Sitel Group. “With a third of consumers feeling at risk for fraud when they call a brand, it’s important that brands utilize the appropriate technology and data insights to train customer service agents. When an agent can better explain why they need personal information from a customer it mitigates security fears and creates a better experience.”
The report also found that more than four in five (86%) Americans think brands could do more to protect customer information and prevent customer service fraud, and 28% of Americans do not trust that the brands and companies with which they do business are handling their personal information securely. Although 67% of Americans feel most comfortable contacting a brand or company they’re doing business with over the phone, the majority (87%) are still worried that sharing their personal information with a brand over the phone could make them vulnerable to fraud.
“With the advancements in AI and speech technology that we’ve encountered in the past few years, fraud monitoring has vastly improved,” said Jeff Gallino, CTO and co-founder at CallMiner. “While Americans understand the importance of fraud monitoring, it’s now time for brands to go a step further and better communicate to customers how fraud monitoring is implemented into the system to protect them.”
Despite customers feeling most comfortable contacting a brand on the phone, 71% of Americans worry that the personal information captured on call recordings could put them at risk for fraud. But artificial intelligence (AI) may be the saving grace for brands looking to boost customer confidence. In fact, not having technology like AI to monitor fraudulent activity on accounts may be a dealbreaker for consumers. More than half (55%) of Americans would stop doing business with a brand if they found out the brand didn’t use technology such as AI to monitor for fraudulent activity on their account.
Additional findings from the report also found:
Customer’s Believe Banking and Financial Services are Most Susceptible to Fraud
Americans Are Skeptical of Voice Assistants for Customer Service, But Interest is Growing
Fraud is a Concern Across Multiple Customer Service Channels
About Sitel Group
Sitel Group’s 75,000 people across the globe connect many of the world’s best-known brands with their customers – 3.5 million times every day. As a global customer experience (CX) management leader, we apply our 30+ years of industry-leading experience and the entrepreneurial spirit of our group’s founders to deliver omnichannel experiences through voice, chat, social media and more to customers of our 400+ clients across all verticals – from Fortune 500 companies to local startups.
Our group’s breadth of capabilities – powered by our ecosystem of experts including Innso, Learning Tribes, Sitel, Sitel Insights and TSC – go beyond business process outsourcing (BPO) to support every stage of the customer journey. We are redefining the contact center and improving business results by pairing innovative solutions – such as self-care and automation – with the human touch, emotion and empathy of our people.
As a CX platform, we are powered by experts to deliver tailored CX solutions to fit our clients’ needs through our consultative, customer-centric approach adding value at every touchpoint – regardless of location, channel or time of day.
CallMiner empowers organizations of any size to extract and take action on intelligence from customer interactions for improving customer experience, sales, marketing, and compliance, as well as agent and customer engagement center performance. Highlighted by multiple customer achievement awards, including eight Speech Technology implementation awards in the past six years, CallMiner is recognized as a leader in the speech analytics industry by third party analysts.
For more information, visit www.callminer.com