Did you know that 61% of fraud cases occur in call centers?
It is a growing problem and Smartnumbers is a company dedicated to combating this problem.
In our latest video from the Smartnumbers Consortium 2024, we hear Chief Revenue Officer (CRO) Matthew Addison emphasize the event’s focus on uniting organizations to leverage collective insights to that end.
By promoting open data sharing and breaking down barriers, the consortium provides companies with the knowledge and tools they need to stay ahead in the fight against fraud. Read on and watch the video to learn more.
In an interview at Smartnumbers Consortium 2024, Matthew Addison (CRO) of Smartnumbers discussed the importance of hosting the event and the broader impact on the industry, particularly around fraud prevention and authentication.
Collaboration is key to fighting fraud
Addison begins by emphasizing the importance of collaboration within the industry, something we heard about in our event highlights video. He points out that no single solution can fully address the complex challenges posed by fraud. The event serves as a platform to bring together various stakeholders, including prospects, customers and partners, and foster this much-needed collaboration. According to Addison, the consortium aims to leverage the collective knowledge and expertise of its participants and enable them to share insights and strategies that can improve their individual and collective capabilities in the fight against fraud.
The focus of the event is therefore on shared learning, a principle that is deeply embedded in Smartnumbers’ organizational ethos. Addison explained that Smartnumbers actually operates as a consortium, using data shared by different organizations, along with denial lists and machine learning to identify potential fraudulent activity. This collaborative approach is crucial, as different organizations and industries often use this data in different ways. By joining forces, these organizations can learn from each other’s experiences and thus improve their own fraud prevention measures. Addison noted that this shared learning is particularly important to counter the evolving tactics of fraudsters who are continually adapting to tightening security measures in the digital space by targeting areas such as contact centers.
Call centers in danger
As Addison points out, contact centers have become a prime target for fraudsters due to increased security measures in digital channels. As traditional attack vectors become more secure, fraudsters are turning their attention to the perceived “weak spot” of organizations – contact centers. He revealed that data from Smartnumbers indicates that one in about four hundred calls to contact centers is fraudulent or fraud-related, highlighting the urgent need for increased security in this area. This statistic underscores the importance of organizations tightening their fraud prevention measures in contact centers to protect against this growing threat.
One of the biggest challenges in combating fraud, as Addison highlighted above, is data sharing between organizations. He acknowledged that while collaboration is essential, it is often hampered by the “bureaucracy” surrounding data sharing. This is a critical issue because, in contrast, fraudsters are adept at sharing information on the dark web, often outperforming legitimate organizations in terms of collaboration. Addison highlighted the need to remove these barriers and create platforms that facilitate the sharing of data and insights between organizations. This will allow organizations to better protect themselves by learning from each other’s experiences, particularly in terms of identifying and mitigating threats in the contact center environment.
In summary, Matthew Addison’s interview at Smartnumbers Consortium 2024 highlighted the critical role of collaboration and shared learning in the fight against fraud. The event is an important opportunity for industry representatives to come together, share knowledge and develop more effective strategies to counter fraudsters’ ever-evolving tactics. To find out what others had to say, visit our event page.
