Customer Contact Centers: Heroes in Cybercrime Remediation, Fraud Prevention

Criminals are increasingly targeting consumers and call centers by executing ransomware attacks, social engineering attacks, and phishing schemes over email, social media, and peer-to-peer platforms. Desperate crime victims often turn to their financial institutions for help. Though there are many ways to report and resolve fraud, the pandemic has taught us the value of human interaction, particularly in the face of a cyber or fraud attack. Hoping to speak directly with a compassionate person who can assist with resolution, fraud victims often call FI contact centers directly. 

This Javelin Strategy & Research report examines the need for cybercrime remediation specialists within fraud and cyber teams as well as FI consumer contact centers—personnel oriented to customer/member service who can support and advocate for victims, educate consumers on fraud trends and cybersecurity best practices, provide cyber-fraud remediation, and help prevent cyberattacks. 

Key questions discussed in this report:

• How can FIs implement customer/member service, consumer advocacy, and cyber-expertise in their consumer contact centers? 
• Why should financial institutions and other businesses be concerned about consumers’ inability or refusal to apply cybersecurity best practices? 
• How can financial institutions make consumers more interested in education about cyber risks and fraud?

Companies Mentioned:

PaymentsJournal, NBC News, FBI