The Three Types of Lies: Lies, Damned Lies, and Caller ID

TrustID • January 3, 2012

Telephonic authentication as we know it today is dying, and enterprises can no longer trust Caller ID or Automatic Number Identification (ANI). Annual total fraud costs U.S. businesses $62 billion - due in part to phone hacking and caller ID spoofing, which are outpacing risk mitigation strategies.

Spoofed Caller ID and ANI undermine the reliability of multi-factor identity authentication, threatening the telephone channel as a secure place to conduct business, compromising downstream decision making and introducing new risks in applications like credit card activation.

Telephone fraud is no longer an acceptable cost of doing business. This white paper exams the deteriorating validity of Caller ID and ANI in the financial services industry. It covers:

The use of calling party numbers for location and identity authentication
Why Caller ID and ANI spoofing may be putting your enterprise, customers and bottom line at risk, and what you can do to stop it
How automatic caller authentication solutions can combat the growing spoofing threat to prevent fraud and increase call center efficiencies
Business use cases with TrustID