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Banking Sector IVR Fraud

Prevention and Best Practices

Instances of banking fraud are becoming common progressively. We all are going through daily news complaints regarding unauthorized electronic transactions which are rising steadily as well as creating complications of the customers to do their transactions. A lot of us would have gone through certain messages like Rs.50000 has been spent on your credit card for purchasing a television, refrigerator, etc. But the truth is you were in your office at that time. Such kind of instances is becoming common in many countries like UK, India, etc. The fraudster’s are also getting more creative by the day. As we prefer to keep low cash, we chose the bank to keep our money safe from a robbery but if the bank itself is not safe from the fraudsters then the money of the customers are in the wrong hands. We all are well aware of IVR (Interactive Voice Response) frauds that have evolved into an epic battle. A significant effort by organizations to safeguard personal consumer’s information against identity theft and fraud, certain preventive measures that have been taken are the following.

  1. We can get a jump on the fraudsters with adaptive fraud preventive technologies which allow you to detect and take actions against the IVR in real-time before the accounts take over occurs and before the customers are victimized against fraudulent activities in their accounts.
  2. Immediately inform the respective bank managers for reporting a fraudulent transaction that has taken place and loss or theft of payment instrument such as card, etc.
  3. The most trending fraud prevention service enabled on mobile device establish spotting the exact location of fraudsters. This makes it possible to detect based on callers physical location. After going thoroughly, we can clarify and decide what kind of decision to be taken seriously whether that involves locking an account, requiring additional security information or something else altogether.
  4. Cases of IVR attacks is increasing rapidly, therefore an anti-fraud technology that strengthens the centre security and streamlines authentication, there are vulnerabilities in the IVR that fraudsters are exploiting.

As more and more people use online banking services, which are now reaching the unbanked under the financial inclusion programme of the government. Keeping in mind the recent surge for customers welfare associated with black-market electronic transactions. The recent notification shared by the RBI entails more specific guidelines to protect customers from potential cases of fraud or misuse.

We ourselves can take certain precautions to prevent ourselves from such fraudsters like

  1. Providing hard passwords for banking transactions.
  2. Avoiding fraud calls after knowing it as they repeatedly ask you to know the bank details for providing offers of doubling the money.

Apart from this, the customer’s viability is to be decided by the bank’s board, the complaint should be addressed and the bank should support the victim to get their money back and to find the real culprit.

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