18 Jul The Impact of Call Center Best Practices in the Fight Against Fraud
Fraud is the bane of any online lender’s existence. There is no end to the number of criminals attempting to scam online lenders for as much and as often as they can. Just when online lenders and call centers catch on and shut down vulnerabilities in the application and funding process, the crooks have moved on to the next scheme. Online lenders and contact centers are fighting a never ending battle against fraud with profits as the casualty.
Online lenders’ best defense against fraud and data breaches is partnering with a call center that is constantly evolving its definition of best practices. You need to trust that your call center isn’t resting on its heels and reacting to fraud. Instead, your call center has to be proactive in fighting fraud. It has to know what to look for, especially now that criminals are fishing for new online lending websites, applying many times over and modifying their information until they catch that one vulnerable call center CSR who approves the loan.
Fighting fraud requires call centers to maintain an arsenal of best practices. The tools and systems used to identify fraudulent applications vary in effectiveness from call center to call center. Best practices are considered the “best” when they are based on experience. Call center best practices come from getting burned, learning from it and putting systems in place in response. The only way to gain experience is to have been in the call center industry for a long, long time. Of course, no one is immune to fraud and data breaches, but great underwriting and sophisticated fraud detection tools dramatically reduce risk.
Centrinex’s arsenal of in-house fraud detection tools is one of the best in the industry. We’re running internal reports and evaluating the results to improve call center best practices. Everyone knows about some of these reports. Other reports are more clandestine. And there are the reports known only by a select few. We’ve pinpointed both common and uncommon patterns of fraudulent applicants and loans. Our systems are fluid and flexible so we can adjust accordingly, saving our online lending customers a remarkable amount of frustration and money.