Who would you Trust?
Posted by: VeHaggis @ 11/06/2009 11:51:47 AM
In a recent article on the BBC news, it was revealed that police have unveiled an elaborate scam, where calls from Bank of Scotland customers have been intercepted by unscrupulous criminals who claim to be from the bank, and convince callers to provide their personal banking details. The criminals then use this information to siphon money from the customer's accounts.
This poses the question: should bank customers really trust the person at the end of their telephone banking? There is the obvious response: "your bank shouldn't be calling you, asking you to provide your banking details", however, those affected by the scam are highly unlikely to favour this response. Another theory that was being followed by the police was the involvement of a former call centre worker.
What if, customers had the option to verify themselves to the bank, without having to reveal their personal details to a stranger at the end of a telephone? Fair enough, you are likely to place a certain amount of trust in an employee who is representing your monetary institution, however, eliminating the need for an individual to verify you, enables you to have safety in the knowledge that your personal details cannot be used to your disadvantage.
By implementing a simple voice verification stage in telephone banking - where your voiceprint is used to confirm your identity, as opposed to a customer service representative who asks easily attainable questions, such as mother's maiden name or date of birth - you can securely carry out your telephone banking, and you still get to speak to a real person to carry out these tasks.
And not to forget the banks themselves! They know that their customers are having a great experience, without being at risk to these types of scammers - an added benefit is the money that it saves them in the long-term.
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Did You Know?
Two legislations to protect consumer identity are now in place: the AML/CTF (Anti-Money Laundering and Counter-Terrorism Financing) Act and the Privacy Act.