Knowledge-based authentication (KBA) can allow fraudsters access to user accounts at financial institutions. In an analysis of three case studies, fraudsters passed KBA security questions over 25% of the time at all institutions. In one case, fraudsters passed KBA questions at a rate of 92%, while genuine users passed 46% of the time.
The 2022 Voice Intelligence and Security Report from Pindrop analyzed how fraud actors exploit customer service call centers to gain access to user accounts and defraud financial institutions and other organizations.