How can retailers thwart callback fraud?
To avoid consumer frustration of waiting on hold for a long time, many retailers, government agencies and other organizations provide people with the option of leaving a callback number instead of staying on hold. The catch is that callbacks also enable fraudsters, who leave International Premium Rate Numbers (IPRNs), to take advantage of a retailers’ customer-first approach.
A major retailer recently lost $400,000 in a single fraud incident. That cost the retailer real money but also had a far-reaching impact across the business that went beyond the additional costs of the phone bill. The first approach was to block traffic from the country where the fraud was originating. However, the retailer quickly realized that legitimate customers would not be able to contact them.
The retailer then trialed TruNumber Protect, which features a comprehensive, continually updated database of high-risk and unallocated telephone number ranges worldwide to proactively and automatically block calls to high-risk numbers in a targeted manner. By doing so, the retailer was able to protect the customer experience, revenue and brand while blocking fraudsters.
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Use Case: protect the customer experience, revenue and brand while blocking fraudsters
Analyst Report: The Value of an Authoritative Database of Global Telephone Numbers in Fraud Blocking & Business Analytics