Protecting customers from seasonal fraud: Using WEM to strengthen financial services contact centres

Fraud prevention is critical for financial services contact centres, especially during the festive season when transaction volumes rise sharply. This time of year brings a high risk of fraud attempts like account takeovers and phishing scams, as fraudsters exploit the rush and heightened activity. Workforce Engagement Management (WEM) solutions, particularly with advanced analytics, can help financial services contact centres detect and manage fraud, providing a safer and more seamless experience for customers.

During peak shopping periods, financial services contact centres face higher call volumes and increased online activity, making it easier for fraudsters to go undetected. Fraud prevention is already a complex challenge in the sector, but the stakes are even higher at this time of year when customers expect faster, reliable service. WEM solutions powered by analytics are ideal for this environment, as they can support fraud detection without compromising service quality.

• Fraud detection for quicker response:
  Analytics help financial services contact centres monitor unusual transaction patterns as they occur. With real-time alerts, agents are better equipped to respond to potential fraud immediately. For example, predictive analytics can flag transactions that deviate from a customer’s usual spending habits, which agents can then investigate further. This proactive approach minimises the financial impact of fraud and reassures customers that their accounts are safe.
• Efficient customer verification without compromising service speed:
  Customers expect streamlined service, especially when verifying their identity. WEM analytics can make the authentication process faster by identifying genuine customers and flagging high-risk interactions for further checks. Analytics-powered WEM solutions can use behaviour-based analysis to authenticate customers quickly, allowing genuine account holders to pass through without delays.
• Equipping agents with context and insights:
  Financial services contact centres rely on well-informed agents who can respond accurately to sensitive issues like fraud. WEM analytics provide agents with insights into account activity and transaction history, helping them assess risk with greater precision. Having this data at hand means agents can give customers a confident, informed response and take action on suspicious requests quickly.
• Staffing to meet peak demand efficiently:
  Workforce Management (WFM) solutions play a vital role in helping financial services contact centres manage the festive rush. By analysing historical data and trends, WFM allows contact centres to accurately forecast demand and schedule enough agents to handle the increased volume. This means contact centres are prepared for high interaction periods and can avoid overwhelming agents, reducing the risk of burnout. Proper staffing not only helps maintain smooth operations but also ensures agents are available to assist customers promptly, enhancing service levels even during peak times.
• Training to handle fraud with Quality Management:
  Quality Management (QM) solutions are equally important in training agents to respond effectively to seasonal fraud patterns. By using analytics to identify the most frequent fraud scenarios, QM allows contact centres to design targeted training that prepares agents for the specific challenges of the festive season. Training can include real-life scenarios and role-play exercises to help agents recognise fraud cues and respond effectively. QM also provides insights into agent performance, enabling continuous improvement and helping agents develop the skills needed to handle sensitive fraud-related situations with confidence and care.

Ensuring fraud prevention in financial services contact centres during the festive season builds long-term customer trust. Here are some steps to get started:

• Use analytics to identify fraud patterns and respond appropriately.
• Train agents on seasonal fraud tactics so they’re prepared for common scenarios.
• Forecast staffing needs accurately to handle increased demand.
• Communicate proactively with customers about security, using their preferred channels.

The festive season provides financial services contact centres with a unique opportunity to reinforce customer trust. With the support of workforce engagement management solutions like Calabrio ONE, contact centres can provide a safe, efficient service that reassures customers and keeps accounts secure. To find out how Calabrio can help you combat fraud, book a Calabrio ONE for Financial Services demo today.