Customer security and fraud prevention are at the forefront of every bank employee’s priority list. Servicing customers means little if the bank will be caught up in a data breach or fraud scandal. According to a recent report by Deloitte on the 2018 Banking Industry Outlook, “The potential for cyber risk has been increasing with greater interconnectedness in the banking ecosystem, rapid adoption of new technologies, and continued reliance on legacy infrastructure designed for a different age.” By implementing a system with multi-layered security controls during agent to customer interactions, banks can help protect customer information while decreasing the chance of fraud.
Banks using modern customer contact center software can track relevant activity, comments, and questions to enhance care and protection for their customers. These contact centers can verify each transaction and can compare activity in real-time with a customer’s spending patterns to determine whether the transaction is authentic or if further verification is required.
These modern banks use risk assessment tools to identify any threats or scenarios that could be damaging to the financial market, the bank’s shareholders or its customers. The banks can analyze potential outcomes and develop procedures to shield themselves and their constituents from harm.
Bank employees at the modern branch or call center follow strict security protocols when handling transactions online, by phone, or in person, and are trained to handle irregular or unusual transactions with additional care. These procedures include employee verification of high-dollar checks on customer accounts and requiring that when wire transfers are requested over a set amount, they are processed in-person at a branch office. Online banking services can be subject to remote authentication.
Finally, a clear, up-to-date communication portal (KMS) and cadence mean bank employees and customers can play an active role in securing information. With a centralized portal, agents, tellers and other employees can be updated on the most recent industry, institution, and customer information. By educating the workforce, employees are more likely to disseminate this information to customers they come in contact with. As well, a communication portal designed for customers allows them to chat and engage with their bank as often as they wish.
Banks can keep their customers apprised of the latest fraud schemes and identify any potential security threats quickly with secure contact channels like email, chat, phone, website, SMS, and more. These channels can notify customers of any guidelines to safeguard accounts and personal information, thereby reducing the risk of a customer becoming a victim of fraud. These are just a few examples of how the modern bank can keep their customers safe. By prioritizing member security and fraud prevention in proactive and reactive communications, banks increase how competitive they are in the market.