For CX leaders, the need to guard against the threat of fraud is essential. Bad actors have never been as pervasive or as sophisticated as they are today. Contact centers are bombarded daily by fraud, malware, and other bids to access sensitive data, placing immense pressure on CX leaders and their ever-scarce resources. These matters were brought to the forefront at the Future of Fraud Management for FI networking event, held last week by Group Futurista in New York City (and ably chaired by leading American media personality Josaine Espinal) By bringing together compliance and data protection leaders from around the world, this event—held under the auspices of preventing fraudulent activity in financial services—offered many lessons for customer experience management.
Information security is already top of mind for enterprise CX executives. This was validated in the 2022 Ryan Strategic Advisory Front Office CX Omnibus Survey, which sounded the views of nearly 700 captive contact center strategic decision-makers. This community indicated that fraud prevention was number one out of roughly two dozen choices when it comes to their own investment priorities. Given the ongoing threat of breaches, via both cyber-means as well as those of individuals on-site, this hardly comes as a surprise. But, with almost three-in-five of these same respondents feeling that their CX budgets are likely to stay flat or shrink in 2023, making the needed info-sec investments may be tough. Yet, it also poses an opportunity for the BPO community.
For years, outsourcers have positioned themselves as not only purveyors of quality digital and voice interactions but also as partners that can offer value-add services. Data protection and fraud prevention are areas where the rubber really meets the road, especially given some of the topics highlighted at the Future of Fraud Management for FI conference.
An immediate sweet spot relates to troubleshooting, especially in the digital domain. With more interactions between consumers and the businesses that they buy goods and services from occurring over non-voice platforms, many firms face significant security vulnerabilities. According to speakers at the above-cited New York gathering, phishing via email is a major problem. And bot-based cyber-attacks are growing ever more common. A BPO that can provide a captive contact center client with the needed technologies and expertise to mitigate these threats will find a receptive audience.
Fraud prevention involves the management of people as well. While cybercrime is always a headline hunter, many enterprise CX operations are vulnerable to criminal activity happening on-site. This can include stealing equipment, in-center data theft, and intimidation/blackmail of fellow employees to extract sensitive information. Outsourcers that have experience in preventing these activities for their clients are in a competitively advantageous position.
But, this is not just about fixing problems that arise. Outsourcers need subject-matter expertise to position their fraud prevention offerings strategically. Being able to provide clients with regular CX security audits—both on-site and across technology platforms—is a valuable solution. So too is helping enterprises navigate the maze of biometric access implementations. And savvy process re-engineering can limit the extent to which an individual can access sensitive information. These solutions can be complemented by regular training programs for all team members to identify fraudulent activity in the contact center, as well as driving best practices in hiring to weed out those with bad credit scores or criminal records. Together, these safeguards can limit nefarious characters from commiting data breaches in a CX operation.
Working with enterprise CX departments to stop fraud is possible in a variety of ways. Some outsourcers may choose to position themselves on a more consultative basis. Others may look to take over their client’s security functions in a managed-services environment. But, to be clear, the BPOs that do not establish themselves as subject matter experts in data protection are missing an opportunity. With the threat of fraud only getting worse, helping captive customer management leaders avoid security breaches just makes sense.