Read More about fast-id page

Shufti globally launches webinr-icon - a new kind of identity solution!

Shufti globally launches - a new kind of identity solution!

Read more

How Shufti’s KYC Solution Can Ensure Compliance For Call Centers Fighting Crime

b-img-kyc

With emerging technologies and rapid digitization, the world is relying on the web and a variety of digital tools more than ever before, ultimately making lives convenient for users. With all this newfound ease, cybercriminals have also discovered their way into the system by exploiting loopholes and seizing opportunities for committing fraud. Call centers have become a huge source of digital scams where criminals use a myriad of techniques like robocalls, fake SMS messages, and phishing, convincing customers to purchase fake products and services, eventually leading to users losing their money.

In Q1 2021 alone, $29.8 billion was lost in scams related to call centers which have highlighted the importance of identity verification measures for the sector. Unlike banks and insurance companies, call centers have not implemented strict Know Your Customer (KYC) measures resulting in an increased crime ratio compared to the overall industry.

An Overview of Call Center Fraud

Although the advancement in digital technology has eased a lot of operations, it has also encouraged cyber criminals to use more sophisticated methods to carry out different scams. The fraudsters make calls to users, pretend to be the agents of legitimate companies or banks, and ask for sensitive details. Once the users provide their confidential details, they can get access to different assets like bank accounts, credit card accounts, cryptocurrency wallets, etc., and use the maliciously obtained credentials for financial gain. The scammers use a variety of advanced software for this purpose which lets the customers believe that they are official representatives of a given company.

It’s not just consumers either, various industries, particularly banks, governmental agencies, and the telecommunication sector, are also facing threats posed by call center scams. Identity theft is one of the primary frauds which is linked to fake calls, which further gives rise to a large number of crimes like account takeovers, fake bank account openings and illicit financial transactions. It is quite crucial that regulatory authorities step in and enforce strict KYC measures, which can help verify a user’s true identity while onboarding and keep detailed records to track criminals in case of any future fraud.

b-info-call

High-Profile Criminal Cases Targeting Call Centers

Due to the rising amount of crime by scammer call centers, all major jurisdictions are either legislating new laws or amending existing ones to prosecute criminals and bring them under the law. Across the globe, several cases have surfaced recently where law enforcement authorities arrested criminal gangs involved in scams related to call centers.

108 Persons Detained in Latvia and Lithuania

The law enforcement agencies of Latvia and Lithuania, along with Europol, conducted a major operation and arrested 108 criminals involved in a number of crimes, including call center scams, money laundering, and terrorist financing. The Police have reported that scammers were running a call center where they had hired a large number of employees who were experts in multiple languages. They used to call common people and companies, urging them to invest money in different schemes, ultimately leading to fraud. It has also been found that criminals were using money laundering techniques to send money out of the countries. A Joint Investigation Team (JIT) has been set up to probe the whole case and bring culprits to justice.

McLean Man Sentenced for Call Center Scam

A man in the US has been sentenced to three years in prison for his participation in a scam defrauding $1.6 million out of 1300 victims. The investigations have found that the criminal was running a call center and contacted unsuspecting users through fake calls or emails, offering them contracts with his companies in return for heavy profits. In the wake of several complaints by victims, Police raided the place, arresting him and his accomplices.

Types of Call Center Fraud Reported in 2022

The number of fraud cases and fraudulent attempts are rising every year, costing victims financial losses in the billions. Let’s have a look at the top call center fraud types which are the most reported in 2022:

Identity Theft

Identity theft is the most common scam linked to call center fraud where criminals use stolen details of sophisticated users, including credit card details, mobile phone numbers, and identity card numbers, to fool call center agents while convincing them to do financial transactions. Identity theft is difficult to track as criminals use almost all legitimate details to commit fraud.

Account Takeover

Another popular fraud is account takeover, where cyber criminals try to change sensitive details like passwords, PINs, and usernames by calling call centers. They usually provide the right details of verification which lead the call center agents to believe they are account owners and change credentials. In this way, the scammers take over the account, and then they are open to making any further changes or performing financial transactions.

IVR Mining

Interactive Voice Response mining is quite a complex process that criminals use to abuse call centers through automated calls. They usually go through a series of questions on a trial-and-error basis to enter the system and exploit it further. IVR systems are automated, which means they can’t always detect fraudulent activity, and it’s possible for cybercriminals to contact them multiple times until access to the unsuspecting victim’s account is gained.

Global Regulatory Authorities Monitoring Call Centers

Regulatory authorities in almost all the major jurisdictions are working tirelessly to eradicate call center fraud, which is costing users and companies huge financial losses. With each passing year, the amount of crime in this sector is rising which has raised concerns for financial watchdogs to urge countries to form a comprehensive framework eliminating risks of identity theft and other monetary scams.

US

Federal Communications Commission (FCC) is the primary authoritative body that regulates the whole US telecommunication sector, including call centers. FCC has termed malicious and fraudulent calls a big threat to the whole financial system and urged call centers to implement stringent KYC measures to verify the true identities of callers. FCC has also instructed contact centers to urgently report suspicious activity through their portals so criminals can be brought under the law.

UK

The UK government has made a dedicated department, Action Cellwhere the call centers can report any suspicious call by the callers. It is also working to form a robust system of identity verification that can reveal the true identities of all callers and quickly identify criminals trying to abuse the system.

How Shufti Is Helping Mitigate Call Center Fraud

Combating crimes, particularly identity theft, account takeovers, and other financial scams, is crucial for the call center industry. The customer support department is often thought of as the most important part of any business. It is here to stay and thus now is the right time for call centers to invest in identity verification measures to secure their users’ identities and assets.

Shufti’s state-of-the-art identity verification services are a viable option for authenticating the true identities of callers and reporting suspicious activities in the system. Powered by an AI algorithm, Shufti’s KYC solution will screen the user details against their documents and provide results in just seconds with a 98.67% accuracy.

Ready to discover our KYC solutions for call centers?

Connect with a KYC Expert

Related Posts

Blog

7 Best KYC and Fraud Prevention Tips for Online Businesses

With the explosion of internet and web applications, the online interaction between consumers and...

7 Best KYC and Fraud Prevention Tips for Online Businesses Explore More

Blog

Embedding online identity verification methods for enterprise security

The internet knows a lot about us now. And businesses are using this information to verify our di...

Embedding online identity verification methods for enterprise security Explore More

Blog

Contact-free ID authentication – combating fraud during COVID-19 outbreak

Coronavirus outbreak, which was initially thought of as some sort of common flu in the Chinese ci...

Contact-free ID authentication – combating fraud during COVID-19 outbreak Explore More

Blog

Kaseya Ransomware Attack – How to Protect Your Organization from Cyber Risks

Did you know that by 2021, a ransomware attack is projected to occur every 11 seconds, costing co...

Kaseya Ransomware Attack – How to Protect Your Organization from Cyber Risks Explore More

Blog

10 Ways to Eliminate Business Fraud with Robotic Process Automation (RPA)

One of the prime concerns of businesses today is detecting and mitigating the risk of fraud. This...

10 Ways to Eliminate Business Fraud with Robotic Process Automation (RPA) Explore More

Blog

Know Your Patient – Balancing Security, Customer Experience and Compliance in the Healthcare Sector

As the healthcare industry continues to offer life-critical services while making efforts to impr...

Know Your Patient – Balancing Security, Customer Experience and Compliance  in the Healthcare Sector Explore More

Blog, Identity & KYC

4 Ways in which KYC for STO can Revolutionise the Crypto World

The year 2019 is expected to see a significant rise in STOs and have been called the future of bl...

4 Ways in which KYC for STO can Revolutionise the Crypto World Explore More

Blog

Anti-Money Laundering Solutions | Helping Businesses Fight Against Financial Crimes

In today’s digital world, increased financial crimes adversely impact global industries, mainly t...

Anti-Money Laundering Solutions | Helping Businesses Fight Against Financial Crimes Explore More

Blog

Digital customer onboarding – Revamping onboarding process in banks

The first impression is what counts most when it comes to customer-oriented services. Banks and f...

Digital customer onboarding – Revamping onboarding process in banks Explore More

Blog, Online Marketplace

7 Identity theft protection practices for Business and Recuriters

Identity theft is now no more a cause of concern for the individual users only as corporations an...

7 Identity theft protection practices for Business and Recuriters Explore More

Blog

Enhanced Due Diligence Vs. Customer Due Diligence – The Practical Approach to Counter Cybercriminals

The nature of digital operations is changing, and users are now preferring to use remote services...

Enhanced Due Diligence Vs. Customer Due Diligence – The Practical Approach to Counter Cybercriminals Explore More

Blog

Age Verification Service – How Businesses can Identify Underage Visitors in Real Time?

When it comes online retail, one has to know that in such an age of fast-moving technology and in...

Age Verification Service – How Businesses can Identify Underage Visitors in Real Time? Explore More

Blog

KYC/AML Compliance for Startups in the Financial Sector – How Shufti Can Help

As technology continues to transform the financial industry, the need for identity verification h...

KYC/AML Compliance for Startups in the Financial Sector – How Shufti Can Help Explore More

Blog, Identity & KYC

How AML/KYC Direct Credible ICO Growth?

What if I told you, early in the days of ICOs, startups operated with little to no top level regu...

How AML/KYC Direct Credible ICO Growth? Explore More

Blog

Fight Fraud Proactively and Reduce Fake Customer Accounts With Shufti’s AI-powered ID Document Forgery Detection

Bank statements, land documents, and social security checks are frequently forged. Document forge...

Fight Fraud Proactively and Reduce Fake Customer Accounts With Shufti’s AI-powered ID Document Forgery Detection Explore More

Blog

How Age Verification Protects the E-commerce Industry From Potential Risks

Online shopping has become the new normal since the COVID-19 pandemic struck. With digital produc...

How Age Verification Protects the E-commerce Industry From Potential Risks Explore More

Blog

SEPA Instant Credit Transfer Schemes – Disrupting the Financial Sector in 2023

There is no denying the fact that the financial industry has vital importance in the contemporary...

SEPA Instant Credit Transfer Schemes – Disrupting the Financial Sector in 2023 Explore More

Blog

How identity verification can help prevent Medical Identity Theft?

Digitization is reshaping the future of healthcare. With the healthcare industry, having more res...

How identity verification can help prevent Medical Identity Theft? Explore More

Blog

Biometrics identity verification system – a masterstroke in verification market

The biometrics identity verification system determines the resemblance of an individual by compar...

Biometrics identity verification system – a masterstroke in verification market Explore More

Blog

The State of Money Laundering in The United States – How Shufti Can Help

The United States of America is among the first countries that took effective measures to fight f...

The State of Money Laundering in The United States – How Shufti Can Help Explore More

Blog, Online Marketplace

KYC for Financial Institutions

E-KYC for Financial Institutions Imagine you’re the owner of a brokerage firm. You’re not exactly...

KYC for Financial Institutions Explore More

Blog

The Reality Behind Money Laundering through Environmental Crimes

Environmental crimes are among the most prevailing and profiting offenses present in the world. C...

The Reality Behind Money Laundering through Environmental Crimes Explore More

Blog

Travel Fraud and the Crucial Role of e-IDV

The travel sector is booming in this age of digitisation, and air travellers are estimated to dou...

Travel Fraud and the Crucial Role of e-IDV Explore More

Blog

AML Compliance – Putting an End to Money Laundering in Crypto Firms

In the past few years, cryptocurrencies were widely adopted as an investment method by not only i...

AML Compliance – Putting an End to Money Laundering in Crypto Firms Explore More

Anti Money Laundering, Artificial Intelligence, Blog

AI a Blessing – AML compliance cost reduced by $217 billion

The U.S. financial firms spend approximately $25.3 Billion in terms of compliance, risk managemen...

AI a Blessing – AML compliance cost reduced by $217 billion Explore More

Blog

AML and KYC Compliance – Big Data Optimising the Regulatory Landscape

Today, different sectors face an influx of user data that they need to process and analyse. To de...

AML and KYC Compliance – Big Data Optimising the Regulatory Landscape Explore More

Blog, Online Marketplace

What is Open Banking & Why Does it Matter in 2019?

Open banking is surely one of those trends that have the potential to change the banking and fina...

What is Open Banking & Why Does it Matter in 2019? Explore More

Blog

How Will Simplified Due Diligence SDD Help Industries in 2024?

For businesses, the due diligence process is an integral part of the Know Your Customer programme...

How Will Simplified Due Diligence SDD Help Industries in 2024? Explore More

Blog

Identity Verification entails a lot more than customer verification

Identity theft and digital fraud are on the rise. Cybersecurity is of essence for all the organis...

Identity Verification entails a lot more than customer verification Explore More

Blog

Risk Assessment – Building Trust in Financial Institutions

For financial institutions to hold onto their customers, they must build and conserve advanced le...

Risk Assessment – Building Trust in Financial Institutions Explore More

Blog

Verify on the fly: Touchless airport security clearance using biometrics

Around one hundred and seventeen years ago, the Wright brothers designed, built and flew the firs...

Verify on the fly: Touchless airport security clearance using biometrics Explore More

Blog

How Shufti’s KYC Solution Can Ensure Compliance For Call Centers Fighting Crime

With emerging technologies and rapid digitization, the world is relying on the web and a variety ...

How Shufti’s KYC Solution Can Ensure Compliance For Call Centers Fighting Crime Explore More

Blog

Cybersecurity vs User Experience – Knowing the Art of Balancing

Several years of debate between cybersecurity and customer experience has driven most people craz...

Cybersecurity vs User Experience – Knowing the Art of Balancing Explore More

Blog

Perpetual KYC: The Future of Due Diligence in the Financial Industry

Digital transformation is paving the way for quick growth in the compliance sphere. However, regu...

Perpetual KYC: The Future of Due Diligence in the Financial Industry Explore More

Blog

How Transaction Monitoring Can Ensure Secure Online Services

A safe and comprehensive transaction monitoring system is increasingly important in an era charac...

How Transaction Monitoring Can Ensure Secure Online Services Explore More

Blog, Identity & KYC

Digital KYC Streamlines Customer On-boarding Process

Shufti brings forth digital KYC verification services to perform identity verification proces...

Digital KYC Streamlines Customer On-boarding Process Explore More

Blog

An inside look at the need for AML in the e-gaming industry

Data analytics and trends show the penetration of the population into console-based online video ...

An inside look at the need for AML in the e-gaming industry Explore More

Blog

Fraud Detection, Compliance, and ID Verification Solution to Secure the Telecom Industry

The telecommunication industry has played a crucial role in global digitization, innovation, and ...

Fraud Detection, Compliance, and ID Verification Solution to Secure the Telecom Industry Explore More

Blog

Securing Mobility as a Service (MaaS) with Shufti’s Digital Identity Verification Solution

The transport industry is on the verge of significant disruption, with new emerging technologies,...

Securing Mobility as a Service (MaaS) with Shufti’s Digital Identity Verification Solution Explore More

Blog

How Age Verification Protects the E-commerce Industry From Potential Risks

Online shopping has become the new normal since the COVID-19 pandemic struck. With digital produc...

How Age Verification Protects the E-commerce Industry From Potential Risks Explore More

Blog

KYC alternatives disrupting traditional KYC methods

Technology is building bridges between businesses and consumers across the barriers of distance a...

KYC alternatives disrupting traditional KYC methods Explore More

Blog, Identity & KYC, Reg Tech

RegTech: The Case for Financial Inclusion

The FinTech industry has grown tremendously in recent years, introducing both scale and efficienc...

RegTech: The Case for Financial Inclusion Explore More

Blog

An inside look at the need for AML in the e-gaming industry

Data analytics and trends show the penetration of the population into console-based online video ...

An inside look at the need for AML in the e-gaming industry Explore More

Blog

Top 6 trends in Anti-Money Laundering for 2020

To enhance the scope of AML compliance, new regulations were brought into force throughout last y...

Top 6 trends in Anti-Money Laundering for 2020 Explore More

Blog

Metaverse and Meta Criminals – Is it Possible to Secure Identities with IDV?

Ever since Mark Zuckerberg changed Facebook’s name to Meta, the acronym “metaverse” has taken ove...

Metaverse and Meta Criminals – Is it Possible to Secure Identities with IDV? Explore More

Blog

5-Steps to Improve Customer Due Diligence Process

The digital age has witnessed a new wave of financial fraud. It is estimated that $4.7 trillion o...

5-Steps to Improve Customer Due Diligence Process Explore More

Blog

Strategic Evaluation and Elimination of Money Laundering in Real-Estate Sectors

The exchange of illicit money through real estate has been the most commonly encountered method o...

Strategic Evaluation and Elimination of Money Laundering in Real-Estate Sectors Explore More

Blog

Mobile Payments – Way of the Future or a Fad of the Digital Age?

Are we moving towards a world where retailers may one day say “We don’t take cash”? As mobile pay...

Mobile Payments –  Way of the Future or a Fad of the Digital Age? Explore More

Anti Money Laundering, Blog, Business Technology, Financial Crime / AML, Fraud Prevention, Identity & KYC

Initial CCPA Compliance Costs Could Hit $55 Billion: Report

According to an economic impact assessment prepared for the state attorney general’s office by an...

Initial CCPA Compliance Costs Could Hit $55 Billion: Report Explore More

Blog, Online Marketplace

KYC for Banks: Reducing financial risk with a perfect digital solution

The banking sector has to tread a very balanced path between compliance regulations and customer ...

KYC for Banks: Reducing financial risk with a perfect digital solution Explore More

Blog

7 Ways to Protect Business and Remote Staff from Cybercriminals

Businesses are facing ‘new normal’ as the workplace has shifted from offices to homes amid corona...

7 Ways to Protect  Business and Remote Staff from Cybercriminals Explore More

Blog, Reg Tech

Shufti GDPR Review 2018: How we protected our clients from regulatory fines?

Shufti stands out in KYC industry not only because of its highly customizable and global iden...

Shufti GDPR Review 2018: How we protected our clients from regulatory fines? Explore More

Blog

A Comprehensive Guide to Understanding Ultimate Beneficial Owners (UBOs)

Identifying UBOs and their control over a business is crucial for financial firms to meet regulat...

A Comprehensive Guide to Understanding Ultimate Beneficial Owners (UBOs) Explore More

Blog, Identity & KYC

Fathoming Financial Inclusion, Innovative KYC Solutions, and Integrity

Identity – ensures active participation of an individual in social, political and economic ...

Fathoming Financial Inclusion, Innovative KYC Solutions, and Integrity Explore More

Blog

Balancing UX and Security in the Finance Sector with Biometric Authentication

The global coronavirus outbreak transformed financial operations and forced retailing banks to te...

Balancing UX and Security in the Finance Sector with Biometric Authentication Explore More

Blog

The Top Customer Onboarding Tips for Businesses

Today every business is competing to boost their retention rate and offer their audience a secure...

The Top Customer Onboarding Tips for Businesses Explore More

Blog, Financial Crime / AML, Identity & KYC

5AMLD: Implications for Cryptocurrency

What is 5AMLD? As part of the Action Plan against terrorism, the 5th Anti-Money Laundering Direct...

5AMLD: Implications for Cryptocurrency Explore More

Blog

Enhancing the Effectiveness of KYC Checks with Shufti’s Forensic Document Verification

With emerging technologies and rapid digitization, identity fraud has become quite common, raisin...

Enhancing the Effectiveness of KYC Checks with Shufti’s Forensic Document Verification Explore More

Blog

Simplify Payment Processes with Biometric Authentication

A developing trend that is altering how customers handle their money is the use of biometric auth...

Simplify Payment Processes with Biometric Authentication Explore More

Blog

OCR technology for businesses – Its applications and benefits

Optical Character Recognition (OCR) technology provides a business solution that automates data e...

OCR technology for businesses – Its applications and benefits Explore More

Blog

5 RegTech Applications That Will Govern the Financial Regime in 2021

RegTech, short for Regulatory Technology, is the subset of FinTech which bridges the gap between ...

5 RegTech Applications That Will Govern the Financial Regime in 2021 Explore More

Blog

Top 8 Facial Recognition trends to watch in 2020

Facial recognition has been gaining prominence in recent times, owing to the benefits it offers o...

Top 8 Facial Recognition trends to watch in 2020 Explore More

Blog, Business Technology, Financial Crime / AML, Identity & KYC, Online Marketplace

Know Your Business: The Next Step in Identity Verification

The complex regulatory environment and increased exposure to illegal activities indicate that bus...

Know Your Business: The Next Step in Identity Verification Explore More

Blog

Facial Recognition to Reshape the Retail Industry in 2020

The explosion of facial recognition technology in our smartphones – for instance in iPhone ...

Facial Recognition to Reshape the Retail Industry in 2020 Explore More

Blog, Online Marketplace

KYC for customer on-boarding in Telecommunications Industry

Identity Verification is quite necessary for Telecommunications Industry in today’s digital...

KYC for customer on-boarding in Telecommunications Industry Explore More

Blog

AML Compliance – Identifying the Red Flags Money Laundering in the Real Estate Sector

Purchasing real estate is an attractive way for money launderers to legitimise larger amounts of ...

AML Compliance – Identifying the Red Flags Money Laundering in the Real Estate Sector Explore More

Blog

Enhanced Due Diligence – How to Identify and Deal with High-Risk Customers

Business relationships always come with associated risks that require carefully implemented measu...

Enhanced Due Diligence – How to Identify and Deal with High-Risk Customers Explore More

Blog

Inside the EU’s New Crypto-Assets Regulatory Regime – How Shufti Can Help

With transforming technologies, the use of cryptocurrency is skyrocketing, and a large number of ...

Inside the EU’s New Crypto-Assets Regulatory Regime – How Shufti Can Help Explore More

Blog

Know Your Investor | Understanding Which Investors to Onboard

Investor onboarding is regarded as one of the most critical stages of the business’s lifecy...

Know Your Investor | Understanding Which Investors to Onboard Explore More

Blog

AML Compliance – Putting an End to Money Laundering in Crypto Firms

In the past few years, cryptocurrencies were widely adopted as an investment method by not only i...

AML Compliance – Putting an End to Money Laundering in Crypto Firms Explore More

Blog

Crypto KYC: A Growing Need for Industry Regulation

The recent development of cryptocurrencies has resulted in a new era of financial transactions th...

Crypto KYC:  A Growing Need for Industry Regulation Explore More

Blog

Forensic Document Forgery Analysis – A Landmark Approach to Curb Identity Fraud

With online services picking up pace, cybercriminals are ramping up their  digital attacks and us...

Forensic Document Forgery Analysis – A Landmark Approach to Curb Identity Fraud Explore More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started