Boston, May 27, 2021 – The COVID-19 pandemic created a lot of turmoil in contact centers―many changes were required for agents to be able to work from home, incoming call volume soared, and wait times became extremely long. Now that the world is gradually returning to a new normal, financial institutions must devise an authentication strategy for their contact centers that balances the FI’s unique risk tolerance with the customer experience. If risk is too high, fraud losses will rise, but if the customer experience is poor, profits and reputations will likely suffer.

This report, sponsored by Pindrop, is based on the results of nine mystery shopping calls made to FI contact centers for two specific use cases. Calls were conducted and results documented by Aite Group analysts. In addition, telephone interviews were conducted with fraud executives at one FI and with an executive responsible for fraud solutions for a core processor.

This 22-page Impact Report contains two figures and three tables. Clients of Aite Group’s Fraud & AML service can download this report, the corresponding charts, and the Executive Impact Deck.