7 Ways to Hang Up on Voice Fraud
Criminals are coming at us from all direction, including our phones. Don't answer that next call without reading this tips first.
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Whether landline or mobile, for work purposes or personal use, phones are part of our everyday lives. Criminals know this, too, so it's little wonder why voice fraud has been running at an all-time high.
According to Pindrop, 90 voice fraud attacks occur every minute. Last year, the fraud rate was one out of 685 calls, remaining at the top of a five-year peak.
Exacerbating the problem, knowledge-based authentication (KBA) information, such as date of birth and street address info, has become readily available to fraudsters, says Chris Halaschek, vice president of product at Pindrop. "We have found that in roughly 60% of the cases, fraudsters can answer the KBAs," Halaschek says.
How can you ensure a fraudster doesn't ruin your next call? The following tips can help consumers and businesses stay safe.
Whose number is that on caller ID? Whether at home or at the office, if it's not one you recognize, let the call go to voicemail, advises Patrick Cox, senior vice president and general manager of product management at Neustar. Most fraudsters won't leave a message. If it's truly important, the party will either call you back or try to communicate with you another way.
If the call does go to voicemail and the person states what company they are from, go to the company's website for its publicly available 800 number and use that if you choose to call back, Pindrop's Halaschek says. It may take a few extra steps, but at least you'll know you the company is legit.
Remember that fraudsters can spoof the contact numbers on your phone and use software that can duplicate voices of people you know, Neustar's Cox warns. So be guarded about what you share at first. If it's a company calling, nicely ask the person why they are calling or how they got your number. If it sounds like someone you know, like a spouse or colleague, be wary if that person asks you for information -- your Social Security number or a purchase-order number, for example -- that seems out of context to the conversation. Only once you're sure you're talking to the right person should you move forward with any information-sharing.
Even though it's possible your contacts can get spoofed, it makes sense to store as many contacts as possible in your mobile phone, especially business contacts, Neustar's Cox says. Especially for those whose work involves frequent calls from, say, marketing or salespeople, from numbers not recognized, the more those numbers are in your contact list, the easier it will be to know you're talking to the right people.
More for companies, emerging technology also can help circumvent voice fraud, says Pindrop's Halaschek. Since each person's voice is unique, voice biometrics can authenticate whether a caller is who they claim to be. With phone-printing technology, when someone calls for the first time, the system records unique characteristics specific to that device and its location. Moving forward, the system can block a fraudulent caller that has been recorded by the system.
Companies need to figure out in advance how to prevent internal fraud, says Mark Cooper, president of PKI Solutions. For example, if someone calls from an internal extension and pretends to be the CEO or a company official with responsibility for an important project, a clear policy should be in place so that everyone understands who can authorize a money transfer and for how much. Dollar amounts will vary by organization.
Credit bureaus will call every so often to report fraud to a credit card holder, PKI Solutions' Cooper says. Once again, if you decide to answer, don't share any personal information right away. Politely ask the person which department they are calling from, then tell them you'll call back. If they leave a voicemail, don't call the number given. In both instances, go to your credit card or the website of the bank that issued the card and call the main number. Tell them you received a call from the XYZ department and ask to speak to someone there.
Credit bureaus will call every so often to report fraud to a credit card holder, PKI Solutions' Cooper says. Once again, if you decide to answer, don't share any personal information right away. Politely ask the person which department they are calling from, then tell them you'll call back. If they leave a voicemail, don't call the number given. In both instances, go to your credit card or the website of the bank that issued the card and call the main number. Tell them you received a call from the XYZ department and ask to speak to someone there.
Whether landline or mobile, for work purposes or personal use, phones are part of our everyday lives. Criminals know this, too, so it's little wonder why voice fraud has been running at an all-time high.
According to Pindrop, 90 voice fraud attacks occur every minute. Last year, the fraud rate was one out of 685 calls, remaining at the top of a five-year peak.
Exacerbating the problem, knowledge-based authentication (KBA) information, such as date of birth and street address info, has become readily available to fraudsters, says Chris Halaschek, vice president of product at Pindrop. "We have found that in roughly 60% of the cases, fraudsters can answer the KBAs," Halaschek says.
How can you ensure a fraudster doesn't ruin your next call? The following tips can help consumers and businesses stay safe.
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