One of the biggest issues credit unions face is dealing with fraudsters. Each year, credit unions spend an average of 2,354 man hours dealing with issues caused by fraudulent activity. That’s more time than one full-time employee puts into their job every year.
Despite the rise in security efforts, fraud is increasing with each passing year. Criminals are getting better and faster at finding the weak points in a credit union’s security system. They’re targeting member communication channels, such as call centers, to bypass cybersecurity measures and use social engineering to breach member accounts. In fact, 71% of credit unions believe that their employees are the biggest source of their data loss.
On average, five fraudulent calls are made before a fraudster attempts to access an account. Fraudsters can call in repeatedly and get a different agent, who has no idea that this person has already called in to attempt to gather sensitive account information.
And it’s effective: 66% of criminal hackers use social engineering to access personal information. They have honed their emotional storytelling skills to get credit union employees to feel bad for them and provide them with hints to access the account.
Member communication channels are vulnerable to social engineering because most credit union call center agents don’t have access to member interaction history. There are no real-time alerts of excessive call activity from a certain caller or regarding a certain account. There are no notes from previous employees relating to past fraud attempts or suspicious behavior. And there is no indication whether there is anything abnormal with each incoming call, or with a specific account.
Without these early warnings, call center agents can’t immediately detect suspicious activity or prevent fraud. By the time credit unions realize what’s going on, the fraudsters already have access to member accounts.
That’s why we’ve created Smart Track. By analyzing incoming calls, it allows agents to view caller ID and account number history to see how many times an inquiry has been made about a specific account, and even whether one phone number has called about multiple accounts. Agents can also make notes about calls and numbers so that other agents are made aware of suspicious activity.
With this enhanced knowledge of member account and communications history, agents can make more informed decisions regarding how to treat potentially fraudulent calls. If suspicious activity arises, the platform automatically alerts supervisors and fraud prevention teams who can then listen in to the call as it is happening.
Smart Track is unique in its ability to provide real-time detection that allows credit unions to prevent fraud before it occurs. It has an easy-to-use interface with green, yellow, and red flags to identify fraudulent activity and guide agent behavior. The platform also helps to improve member experiences by enhancing security while maintaining an easy authentication process. With optional integration to third party fraud detection technologies, Smart Track can display information such as caller ID spoofing and phone call audio analysis.
With Smart Track, you can stop fraud in its tracks.