This Is the Weak Link in Any Organisation | Smartnumbers Consortium 2024

This is the weak link in any organisation’s fight against fraud.

In the latest interview from the Smartnumbers Consortium 2024, we find out more about the number one fraud vulnerability in contact centres. Steve Arnold, Fraud Analytics lead at Smartnumbers, points out that collaboration is the only defence.

You can’t beat in-person sessions for sharing practical insights that are often missed in remote communication, so they majored in it at this event.  There is clear value in collaborating closely with clients to improve fraud prevention strategies.

An organisation on the same page

Steve Arnold, who oversees customer analytics for security specialists Smartnumbers, was quick to highlight collaboration between provider and client. These comments align with key themes explored across this series, particularly regarding the need for shared learning and collaboration stakeholders.

Arnold also highlights that the event focuses on understanding how clients use Smartnumbers’ systems and exploring new opportunities for future improvements. This is all done through a more intimate, face-to-face setting which offers a valuable chance to dive into specific scenarios and challenges clients have faced recently. This hands-on, collaborative approach allows clients to share detailed, practical strategies they’ve employed to mitigate fraud, which benefits everyone involved. Definitely better than an email exchange.

This is a major vulnerability in contact centres

A central concern echoed across the series has been the vulnerability of call centres and contact centres. They’re a prime target for fraudsters because of the key involvement of humans. This continues to be a vulnerability even as digital channels have become more secure. It’s clear that fraudsters around the world have shifted their tactics toward exploiting human weaknesses, underscoring the need for strengthened security measures in contact centres. There are ways of defending against this, it just might not look like the usual solution.

Crucially, Arnold also speaks about the characteristics of an ideal client partnership. He emphasises that effective collaboration goes beyond occasional interactions; it involves a proactive, ongoing relationship where clients are committed to sharing data and insights regularly. This type of partnership, where clients are engaged on a weekly or even daily basis, is essential for creating a robust defence against fraud. By working closely with clients who are eager to share knowledge and data, Smartnumbers can better tailor their solutions and improve collective fraud prevention strategies.

The importance of collaboration, data sharing, and the need for adaptable solutions are all mentioned here and much like the other videos in the series, Arnold’s interview gives the impression of a great event. Be sure to find out more on Smartnumbers website.