Contact centers maintain a delicate balancing act between fraud mitigation, customer experience and operational efficiency. To complicate matters, cybercriminals are becoming increasingly adept at overcoming knowledge-based authentication (KBA) and one-time passcodes, the most common forms of multi-factor authentication. By spoofing the identifies of consumers and exploiting their mobile devices, cybercriminals drive fraud rates higher, which pressures organizations to increase friction in the authentication process.
Forrester Consulting evaluated the current state of fraud prevention, as well as the offline, online, and device-based identity verification (IDV) methods firms deploy to tell legitimate customers from fraudsters.
Forrester conducted an online survey with 204 decision-makers responsible for fraud management, authentication and customer experience (CX) to explore this topic. While many firms are overconfident in their abilities to protect themselves from fraud, without overburdening customers, firms expanding an integrated IDV strategy (employing a combination of offline, online and device-based capabilities) reported differentiated success.
Download the full study to access Forrester Consulting's Key Recommendations and learn how the respondents — in financial services, retail, insurance and contact center provider organizations in North America — evaluated the effectiveness of their own fraud and authentication approaches.