Shopping spree during the holidays shoots up credit and debit card transactions in both the retail store and the online shopping hubs. Compared to any other time, payment card industry faces increased threats more during the holidays.
Report suggests, top card issuers are handling more than 99 billion credit cards and debit card transactions per year. Alone United States account about 56.4 billion transactions. To stay at the pinnacle, Americans increased their card usage since 2003. With the increase in cardholders, there is a rise in fraud that costs $54 billion to Americans annually.
With more stakeholders, payment channels and more use of card driven shopping, there is a need to enhance the integrity of the global dynamic system. Fraudulent activities migrate from higher secured regions to less secure regions.
Criminals just not targets unmonitored, stand-alone, or point-of-interaction devices, but also private networks such as major data processors and top-tier merchants.
Financial institution usually offers their customers with zero liability protection keeping the issuing bank responsible for absorbing the loss of funds. As there is a steady increase in the card frauds, issuing banks needs to reduce the threats, speed up their fraud detentions, and move for a quick resolution.
Customers when asked to verify a fraudulent activity stays abreast of what is happening next. In such cases, customers prefer an engaging communication channel that updates them on a regular basis. Thus, financial institution such as credit cards, banks, etc who outsources their customer services, looks for cloud-based contact centers to make a faster move towards fraud detection.
Fusion, the global BPO is no exception. We too leverage fraud detection services to our clients (banks, credit card companies) but with few added benefits. We carry out fraud management services with the use of well-synced technology platform that offers fraud alerts and offers event management besides data mining and information reporting.
The financial organizations working with Fusion has started to reinforce customer security with precision. Let us see how our fraud alerts helps credit cards or banks and other financial institutions:
Speedy Identification of Frauds
When a card issuer’s fraud detection system diagnoses unusual transactions, the financial institution fails to determine whether the discrepancy constitutes of fraud or not. In many cases, cardholder’s stays assured about the transaction being legitimate or fraudulent.
In order to generate cardholder’s response as quickly as possible, the bank certainly needs the real-time monitoring assistance, but also needs a proactive communication to reach the customers faster as soon as they detect a fraud. Thus, contact center can speed up their information reach.
Recognize the Potential Victims
Contact centers of today help to connect the potential fraud victims easily compared to previous days when they used to contact victims manually.
With the integration of the cloud management technology, the seamless integration of the various devices on a single user interface helps agents to drive out more calls without increasing the call cost. This induces financial institution to choose contact centers as their first choice prior to inbound agents.
Send Out Faster Responses
As we said earlier, customers asked to verify the fraud stays watches what going to happen next. Consumers set higher expectations of customer service. Therefore, the card issuer needs to understand, which preferred way can make responses faster.
Banks using contact centers can leverage services via faster communication channel such as monthly statements via email, pin changes via outbound IVR, and fraud alerts via SMS. Even contact center reaches the cardholder on their mobile devices to resolve a faster fraud solution.
Outsourcing the customer service to contact centers just not stops the fraudulent card activity, but also helps the banks and credit card companies to deflect inbound calls from the irate customers after they receive a card statement with a list of fraudulent charges.
In this case, the cardholders need an access to an automated channel to confirm that the transaction is not fraudulent. If there is a con, contact center agents will quickly connect the cardholder to a fraud specialist to resolve the matter.
Rise in the Customer Contact Points
Banks and credit card companies face a threat when they try to communicate with their customers proactively. Maybe the customer information is not up-to-date, the mobile number goes missing, or the bank fails to send an email notification to the cardholder during a fraud, financial institutions feel perplexed.
To stop the rise in customer frustration and dampening of customer loyalty contact center has a large role to play.
Curtail Card-Usage Disorder
As soon as the financial organizations take a venture to join the cardholders in the fraud detection process with the use of contact centers, this enables cardholders to get a better knowledge about their finances.
When the banks or credit card companies asks cardholders to verify unusual transactions via contact center agents, they will amplify their customer trusts. If a cardholder has a fraud, he or she will stay aware why their cards got an alert or deactivation.
The seamless communication channel keeps customer-updated regularly on their cards and plays an integral role in maintaining the customer trust and loyalty towards the financial organization.
The Final Retrospective …
The financial institution that outsource their customer service queries and complaint registering services to us gets unparallel advantages and keeps their customer informed and updated in real-time.
At Fusion, we help our financial clients with interactive and personalized communication to support their customer from a preferred contact point.