Fraud in the financial industry is a huge concern. Banks and other financial institutions are attacked by cybercriminals who are seeking valuable information or accessing their funds. One of the leading ways to ensure your customers’ bank accounts and personal data remain secure is to promote the use of video chat software for secure customer communications with contact center agents.
Current State of Banking Fraud
According to a 2021 Norton Cyber Safety Insights report, nearly 108 million Americans experienced cybercrime in the previous 12 months, resulting over $38 billion in losses. Although it is very convenient to transfer money through mobile applications, the use of a secure video chat solution assists in protecting people’s personal information, ensuring the security of their financial accounts as well as ensuring that transactions are done with the right people.
What Is Wire Fraud?
Wire fraud is one of many ways in which criminals can steal money from bank accounts. It involves stealing someone’s account information and transferring funds from their account through a wire transfer service. Wire fraud is most often carried out over the phone or via email.
How Email Made Bank Fraud Easier
An email has made it easier for people to communicate, but a lack of enough cybersecurity measures has also made it easier for fraudsters to access sensitive information included in the email. For example, username, password, and account number are not as secure when sent via email, especially if they’re sent unencrypted. Hackers are skilled at intercepting these emails, commonly referred to as phishing, and impersonating a trusted organization.
Benefits of Using Secure Video Chat for Banking Transactions
Hackers are finding new ways to access consumer data while consumers are discovering more difficulty in keeping their information safe from cybercriminals. Therefore, financial institutions are now relying on secure video chat communication for customers to share their account details. In addition to an overall improved customer experience, video chat solutions also eliminate the need for transmitting information in emails that can be hacked or communication by phone. By eliminating email and phone calls as communication mediums and replacing them with secure video chat applications, financial institutions, individuals, and companies can drastically decrease fraud in banking transactions.
What Makes Secure Video Different?
With fraud on the rise, developing new strategies for secure banking transactions is essential. Secure video chat is the most optimum solution for sharing and protecting customer account information. One key component of offering remote financial services is the ability to verify someone’s identity. Eazyshow, for example, enables online Know Your Customer (KYC) to verify the identity of customers before they provide service. Once verification is complete, financial institution agents can work with customers to do everything from filling out loan applications for loans remotely to processing applications and providing a loan acceptance all while interacting directly from the institution’s website or app. Then entire interaction is recorded, encrypted and only special authorized personnel of the bank or regulators can decrypt the recorded sessions for regulatory and audit purposes.
Eazyshow allows financial institutions to increase customer loyalty and staff productivity
Eazyshow technology enables financial institutions to verify the existence of a business and its location without having to send an in-person representative. The verification and transaction are securely recorded and archived.
- Instantly communicate with customers using live text, voice, and video on any device, app or website.
- Collaborate browsing of website pages (both in front and behind a login)
- Complete support in the completion of loan applications and opening new accounts remotely.
- Simple to implement, entirely browser-based, no downloads or installations required.