The tragedy is that most businesses don't even realize they have are targets until it's too late. It is why risk management is crucial across all industries. Fraud risk detection tools can help check to see if your numbers are the victims of call spoofing. Technology has opened the door for fraudulent enterprises to thrive. But fortunately, technology also helps to protect the integrity of your business.
What Is Spoofing?
Spoofing is when the caller ID is deliberately falsified. A scammer can change their identity to a legitimate business like Amazon, Chase Bank, or YOUR business name and number. Perhaps you have an existing customer who has your number logged in their contacts. Imagine a scammer asking for sensitive information which your customer reveals because they think they're talking to one of your representatives.
The implications could be disastrous for both you and your clients. Sadly, many companies don't identify the harmful impact until it's too late. Your business numbers could end up receiving flags or labels on call blocking apps. This will make it harder to reach both existing and potential customers.
Thankfully, there are some steps you can take to prevent your business numbers from being targeting by unscrupulous con artists.
4 Steps For Proactive Fraud Risk Detection
Knowing when your numbers receive flags is important to maintain your business' reputation. Not only does this ensure operations run smoothely, but this can also protect your customers. If your business has become a victim of call spoofing, detecting spoofing attempts early is key.
Once fraudulent activity is detected, your company can begin mitigation and cleanup efforts. These help solidify your business' reputation and mitigate any further loss from your customers.
These are 4 proactive steps your business can take towards fraud risk detection:
1. Phone Number Reputation Is Key
Not only does your phone number's reputation safely connect you with your customers, but it also protects them. Monitoring all your phone numbers can help you detect any nefarious activity early on and prevent damage to your company's reputation. If your number gets blocked, there's no telling how many clients or business opportunities your company could lose. The trust in your brand is at stake, as well as your client's security.
According to the FCC, on March 17, 2021, a health insurance telemarketer company was fined a record $225 million for spoofed robocalls. That is only one company, but there are millions of unlawful spoof attempts every day in America, many of which are from out-of-state or indeed other countries.
When purchasing numbers for your company, be aware of bargain-priced bulk sales. These numbers may have been used for questionable or illegal purposes. Scammers often drop numbers when they receive flags and move on to others. So, numbers you receently purchase may already have flags or labels attached to them.
2. Register on CNAM
Registering your numbers to a CNAM database authenticates and links them to your business' name. CNAM stands for "Caller ID Name." Not only does registering with CNAM help provide legitimacy, but it can also help dispute any flags raised on your numbers.
It's essential to register the correct caller ID information with all major carriers. Unidentified numbers are less likely to get answered. Plus, your numbers could get warning labels attached to them like "Fraud risk" or" Scam likely." Your numbers can receive flags by both consumers or service providers alike.
Consider what would happen if your number is spoofed and robocallers scam people using your identity. An unsuspecting customer could flag your number. They may assume your company has implemented robocalls as a sales strategy and report you for spam.
The impact of an incorrect caller ID can be anything from unanswered or ignored calls to damaging your organization's reputation with far-reaching consequences.
3. Do Not Originate Registry
Businesses should register their inbound only telephone numbers on the "Do Not Originate" or "DNO registry". Phone companies should then identify these numbers as inbound only. Registering on the DNO registry ensures that scammers will not spoof and make fraudulent calls from these numbers.
When a carrier sees a number on the DNO placing an outbound call, it can stop the call from originating. However, not all carriers are currently using the DNO for this purpose.
4. Use Reputable Carriers
The FCC has mandated service providers to put a STIR/SHAKEN solution in place by June 30, 2021. STIR stands for Secure Telephony Identity Revisited. SHAKEN stands for Secure Handling of Asserted information using toKENs.
The Robocall Mitigation Database is a resource for legitimate telecommunication companies to register on. It helps legitimize the FCC mandate for the STIR/SHAKEN framework. Most reputable carriers in the U.S. are registered on this database. In fact, all the major carriers like AT&T, Verizon, and T-Mobile/Sprint, have confirmed compliance with the FCC's mandate for STIR/SHAKEN solutions.
If your service provider is not listed above, ask them if they have STIR/SHAKEN solutions in place to protect you and your customers.
Effects of STIR/SHAKEN
Since the FCC declared war on robocalls in 2016, more than 30 companies have joined the fight. AT&T led the strike force with Google, Apple, Microsoft, and Verizon meeting with the FCC to combat robocall spoofing. Major organizations are working together to develop tools to stop unwanted calls. An example of this is a feature Apple recently introduced to silence unidentified numbers. They show up as missed silenced calls.
The FCC has made unlawful robocalls and caller ID spoofing a top priority for consumer protection. Acting Chairwoman Jessica Rosenworcel said, "We're not going to stop until we get robocallers, spoofers, and scammers off the line."
With the roll out of STIR/SHAKEN robocalls have seen a dip. While this is good news for consumers businesses are still struggling to make sure their calls are connecting with customers.
Prevent Your Numbers From Being Used Fraudulently
Admittedly, there is a lot to unpack here. Monitoring all of your numbers can be a serious undertaking. Companies like Caller Reputation ID have come up with centralized solutions for businesses like yours. They offer a software solution that enables you to stay vigilant and ultimately protect your consumers and your business' reputation.
The software allows you to upload batches of numbers at the same time. It also alerts you in real-time of any warning labels attached to a number or of any blocked numbers. Caller ID Reputation's software helps to manage your numbers and business reputation in real-time. Using the tools and strategies mentioned will enable early fraud risk detection measures for your business.
Contact Caller Reputation ID for more information on our software solutions for your business security. With groundbreaking technology, your business will thrive and you will have peace of mind.