dog wearing a disguise
Protecting customer data is a critical part of any customer experience strategy PHOTO: Braydon Anderson

Protecting your company from cyber criminals makes sense to the bottom line — whether it’s preventing the impact on your stock price or the long-lasting damage to customer loyalty.

A 2014 Gallup poll revealed that more Americans fear their credit card info being hacked than any other crime — including terrorism, auto theft, burglary and assault. 

As such, companies that protect their customers’ data are likely to be rewarded with loyalty. 

Why? Because emotion drives a large part of customer loyalty. And no emotion is more compelling than a sense of safety and security.

Identifying Vulnerabilities with Interaction Analytics

While using big data to improve the customer experience is nothing new, many companies overlook its value when it comes to improving security and preventing fraud.

This is where interaction analytics comes into play. Interaction analytics software packages, such as those marketed by Top Box, Call Miner and others, synthesize data and metadata from voice recordings, chat transcripts, email, self-service and social media records so they can be analyzed in parallel in just one application. 

Using this approach allows businesses to quickly identify scammers calling customer service to phish for customers’ banking data and, credit card information.  It can also help identify agents who miss vital steps in a verification or disclosure process before modifying an account or placing an order — whether an honest mistake or a precursor to fraud.

Interaction analytics not only makes it possible for leaders to identify incidents after they have occurred, but helps companies identify broader organizational vulnerabilities and form prevention strategies. 

For example, an organization that uncovers an upward trend in uncommunicated disclosures may set up pop-up reminders to agents in real-time. These reminders would prompt agents to disclose key information in order to comply with state and federal requirements. 

Or an increase in calls from potential fraudsters attempting to gain access to customer accounts might prompt additional education for front-line employees on how to identify potential fraud using authentication controls.  

3 Benefits of Adding Interaction Analytics into Fraud Prevention Plans

1. Speed and Scalability

Traditionally, audits involve sampling either a random group or a targeted pool of interactions viewed as “higher risk,” such as high cost sales and refunds, requests for credit card replacements or orders that are modified after they are placed. Unfortunately, this decreases the likelihood of finding smaller-scale fraud and increases the time it takes to uncover it and take action. 

With interaction analytics, businesses can sample 100 percent of data. Queries run automatically and the software flags questionable interactions for manual audits. This extends the reach of fraud detection and acts as a powerful deterrent to employees considering committing a fraudulent act because it substantially increases the risk of being caught.

2. Visibility Into Customer and Agent Behavior

Balancing the need for security with the need to deliver fast, effortless and effective resolutions for customers is one of the biggest challenges for businesses. 

This balance becomes easier when risk is better managed. Interaction analytics provides visibility into both customer and agent behaviors, such as whether an agent disclosed key terms of a sale, whether or not the customer agreed, whether a customer was attempting to acquire sensitive information from an agent without authorization and whether or not the agent complied.  

3. Balancing Security and Customer-Centric Policies

This is common in cases where agents have the ability to grant refunds, replacements, discounts and other concessions to consumers to rectify a service complaint. In a customer-centric environment an agent on the front line would have the discretionary authority to negotiate an outcome that is acceptable to both the customer and the company. 

However, organizations often create rigid concession granting policies for fear that lax policies will be abused. 

With interaction analytics, the software analyzes the conversations between agent and customers along with the data from the transaction records, allowing you to determine if agents are making good decisions and whether customers are trying to abuse the policy.  

This analysis can allow you to comfortably relax a rigid and prescriptive policy for agents so they can treat each case according to the situation. Criteria in the queries can still red flag and identify policy violations. You can use the trends over time to train and coach agents on how to evaluate scenarios and respond and to modify policies when necessary. 

Creating exceptional customer experiences combines many elements — and if just one part isn’t addressed, it can ruin a customer’s view of the entire company. While this may seem like a daunting task, creating a comprehensive engagement plan that puts your customer's happiness and peace of mind front and center can lead to loyal customers — one of the most important elements of a successful company.