How To Stop Contact Centre Fraud | Smartnumbers Consortium 2024

Did you know that 61% of fraud involves contact centres?

It’s a growing issue and Smartnumbers are one company aiming to tackle the issue.

In our latest video from the Smartnumbers Consortium 2024, we hear from Chief Revenue Officer (CRO) Matthew Addison, who emphasises the event’s focus on uniting organisations to leverage collective insights for this purpose.

By fostering open data sharing and breaking down barriers, the consortium provides companies with the knowledge and tools needed to stay ahead of the curve in the fight against fraud. Read on and watch the video to find out more.

In an interview at the Smartnumbers Consortium 2024, Matthew Addison, (CRO) at Smartnumbers, discussed the significance of hosting the event and the broader implications for the industry, particularly in the context of fraud prevention and authentication.

Collaboration is the key for fight against fraud

Addison begins by emphasising the importance of collaboration within the industry, something we heard about in our highlights video from the event. 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, clients, and partners, to foster this much-needed collaboration. According to Addison, the consortium aims to leverage the collective knowledge and expertise of its participants, enabling them to share insights and strategies that can enhance their individual and collective capabilities in combating fraud.

As such, the event’s core focus is on shared learning, a principle that is deeply embedded in Smartnumbers’ organisational ethos. Addison explained that Smartnumbers actually operates as a consortium, where data shared by different organisations, along with denial lists and machine learning, is utilised to identify potential fraudulent activities. This collaborative approach is critical because different organisations and industries often use this data in varied ways. By coming together, these organisations can learn from each other’s experiences, thereby improving their own fraud prevention measures. Addison noted that this shared learning is particularly vital in addressing the evolving tactics of fraudsters, who continuously adapt to the tightening of security measures in the digital realm by targeting areas like contact centres.

Contact Centres under threat

Contact centres, as Addison points out, have become a primary target for fraudsters due to the increased security measures in digital channels. With traditional avenues of attack becoming more secure, fraudsters are shifting their focus to the perceived “weak underbelly” of organisations—contact centres. He revealed that data from Smartnumbers indicates that one in approximately four hundred calls to contact centres is fraudulent or related to fraud, underscoring the critical need for enhanced security in this area. This statistic highlights the importance of organisations tightening their fraud prevention measures within contact centres to protect against this growing threat.

One of the significant challenges in combating fraud, as Addison highlighted above, is the sharing of data between organisations. He acknowledged that while collaboration is essential, it is often hampered by the “red tape” surrounding data sharing. This is a critical issue because fraudsters, in contrast, are adept at sharing information on the dark web, often outpacing legitimate organisations in terms of cooperation. Addison stressed the need to remove these barriers and create platforms that facilitate the sharing of data and insights between organisations. By doing so, companies can better protect themselves by learning from the experiences of others, particularly in terms of identifying and mitigating threats in the contact centre environment.

In summary, Matthew Addison’s interview at the Smartnumbers Consortium 2024 highlighted the crucial role of collaboration and shared learning in the fight against fraud. The event is a key opportunity for industry stakeholders to come together, exchange knowledge, and develop more effective strategies to counteract the ever-evolving tactics of fraudsters. To find out what other people had to say about it, head to our event page.