From financial institutions to retailers, most businesses either directly operate or outsource to a contact centre. With such widespread focus on cyber security, the call centre is now arguably the weakest point of entry for fraudulent activity. Research shows that in the last year there has been a significant increase in the amount of money organisations are losing to phone fraud. In the UK, £0.86 per call is lost to phone fraud — an increase from £0.51 in 2015.
Data security is an increasingly topical discussion point, particularly for large organisations consumers trust to look after their data. This has resulted in billions of pounds being invested in security every year, and according to IDC, information security spending will top $101 billion by 2020.
However, a chain is only as strong as its weakest link and for organisations with contact centres, their security vulnerability is often overlooked. The traditionally high turnover of staff that contact centres experience means there is a specific risk posed by employees (past and previous) who may be disgruntled and who may have insider knowledge of customer identification and security process flaws.
The close proximity between sensitive payment data and contact centre agents operating in a chaotic environment means security measures can be lax. This is a recipe for disaster. There is also a growing threat from organised criminal gangs looking to capitalise on these vulnerabilities in a variety of different ways. This makes the insider threat far more serious.