The innovative ways bad actors take advantage of certain authentication methods to commit fraud to better protect customer accounts.

• Superior Experience is now a competitive advantage. With modern service providers starting up online, providing an experience that fits today’s customers is a necessity.

• Private information is no longer private due to data breaches. Bad actors are outperforming genuine customers at answering security questions. 

• Organized crime rings have now set up storefronts on the dark web and have become sophisticated vendors selling data complete with return policies.

• Fraud target dossier compilation remains an attractive tool for fraud rings to use due to the past decade of security breaches and the lack of security and technology updates in most modern contact centers. 

• Customers prefer more advanced authentication methods. Now that the ability to effectively use knowledge-based questions is gone, it might be a good time to change the locks.