The Rise of Spam Calls

Posted by Deborah Peace on Oct 24, 2018 1:17:00 PM

According to First Orion’s 2018 Scam Call Trends and Projections Report, there was a dramatic increase in cell phone scam calls over the past year, rising from a mere 3.7 to 29.2 percent. The report goes on to suggest that scam calls will reach 44.6 percent of all U.S. mobile traffic by early 2019.

Financial institutions still relying on outdated, manual methods of communicating suspicious activity to the consumer – like phone calls and recorded messages – will be at a disadvantage if spam calls continue to increase. With an uptick in spam calls, banks and credit unions should be going the extra mile to deliver a positive customer and member experience. Here are some thoughts to consider regarding how the phone scammers may impact your financial institution:

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Topics: Biometric Authentication

A Layered Approach to Fraud Prevention: How Voice Biometrics Improves the Customer Experience & Secures High Risk Transactions

Posted by Deborah Peace on Jul 18, 2018 9:30:00 AM

Each week, it seems as if there is a new organization that has fallen victim to cybercrime. The relentless pace at which fraudsters attack financial institutions, businesses and consumers has significantly impacted the security landscape within the U.S., resulting in initiatives like the National Institute of Standards and Technology’s (NIST) Cybersecurity Framework. Even the Office of the Comptroller of the Currency (OCC) has issued guidance to help protect financial institutions and the account holders they serve. The OCC now expects institutions to have dynamic risk management programs, including adequate customer authentication processes and layered security controls.

Following this guidance is more important than ever, as fraudsters stole $16.8 billion from U.S. consumers last year, according to research from Javelin Strategy. One of the ways fraudsters accomplish this is through tactics like account takeover, which has reached a four-year high.

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Topics: Biometric Authentication

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