Multi-factor Customer Identity Authentication: Practitioner’s Guide for Reducing Fraud and Risk
Our analysis of more than 500 global survey respondents demonstrates that two or more customer identity authentication techniques–namely multi-factor customer identity authentication–reduces the risk of identity theft and mitigates fraud in real-time significantly more than single factor verification. (See “Customer Identity Authentication: Practitioner’s Guide to Avoiding Contact Center Fraud and Risk“)
Two distinct – and possibly conflicting – motivations overshadow the discussion on customer identification authentication (CIA). On the one hand, organizations want to improve customer service, which means dealing with contact center queries quickly and efficiently. On the other, organizations want to improve risk management. That means limiting to as small a percentage as possible fraudulent attempts at credit card purchases, identify theft, prescription drug misuse, or other crimes.
These two motivations overlap sometimes as well: organizations strive to assure customers that their call-center processes keep personal information safe and secure. Organizations increasingly face problems with the way they current conduct CIA, however. In today’s call center, CIA involves a variety of options.
“Multi-factor Customer Identity Authentication: Practitioner’s Guide for Reducing Fraud and Risk” ©2016-2017 Hypatia Research Group. All Rights Reserved.