How to Maintain Contact Center Compliance [Resource Guide]

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In today’s digital age, large-scale data breaches are all too common.  On an almost daily basis, we read about the safety and security of consumer data being compromised as companies fail to protect cardholder sensitive information: credit card and banking information, mailing and email addresses, user names and passwords, and on and on.

It doesn’t have to – and shouldn’t – be this way.

Companies that regularly handle financial transactions have a responsibility to protect consumer data in the best possible way.  Maintaining PCI compliance in the contact center isn’t just a smart business decision – it’s essential to ensuring customer loyalty and brand reputation, as well as avoiding costly fines and litigation.

In previous resource guides, we’ve discussed the importance and benefits of speech analytics, multichannel customer support, and more.  Today, we’ll take a look at what companies can do to maintain compliance in the contact center:

Blogs

3 Ways Speech Analytics Can Improve Contact Center Compliance

With compliance rules consistently evolving to protect consumer rights, it’s crucial for companies to stay current on regulations such as the Fair Debt Collection Practices Act (FDCPA), the Fair Credit Reporting Act (FCRA), the Telephone Consumer Protection Act (TCPA), and more. Take a look at speech analytics and the pivotal role it plays in driving procedural compliance and improved agent performance overall.  More…

 In Light of the FCC Declaratory Ruling, How Can Contact Centers Ensure Compliance?

On Friday, July 10, 2015 the Federal Communications Commission (FCC) issued a highly anticipated Declaratory Ruling on the Telephone Consumer Protection Act (TCPA). Included in the Ruling are certain provisions to protect consumer rights on consent to call.  Let’s take a look at a couple of the ways speech analytics software can help contact centers ensure compliance with the new TCPA regulations issued by the FCC.  More…

Compliance Analytics: Effectively Gathering and Making Effective Use of Compliance Related Data

What kind of story is your data saying about your organization? Ask yourself the following questions: How are you currently measuring and reporting on complaint data? Do you have the ability to demonstrate trends by month, quarter, response time, or complaint category? What is your monthly failure rating for collector calls? How are you effectively measuring the effects of improvements made to your overall Compliance Management System?  More…

Is Your Call Data Safe? 5 Questions to Ask Right Now

To ensure the safe handling of information and protect customers against identify theft, PCI compliance is a must. For contact centers, this means implementing advanced data security wherever and however sensitive data is being shared or stored.  But how, exactly, do you determine if your customers’ call data is safe? The following is a list of 5 questions to ask yourself right now.  More…  

3 Data Center Breaches That Could’ve Been Avoided

With consumer information, such as credit card and banking information, mailing and email addresses, user names and passwords, etc., routinely provided over the phone or during online transactions, the safety and security of sensitive cardholder information can be compromised if companies fail to provide proper security and compliance.  So what are some of the steps companies can take to protect against fraud and instill customer confidence in the business?  Here’s a closer look.  More…

5 Keys to PCI Compliance in the Call Center

To ensure the safe handling of information and protect customers against identify theft, the five major credit card companies developed the Payment Card Industry Data Security Standard (PCI DSS) in 2006. For contact centers, this means certain portions of sensitive cardholder information cannot be stored, even in the most secured fashion.  So how can call centers remain PCI compliant and instill customer confidence that data is being protected? Here are 5 key ways.  More…

Prepare Your Collections Call Center for CFBP Audits with Speech Analytics

In a time when lawsuits, complaints, and CFPB audits are increasing, collections contact centers need to take steps to improve their processes and prove their compliance. Collections contact centers and Accounts Receivables Management (ARM) firms have to maximize payments while still staying compliant and up to date with new rules and regulations, which often proves to be more challenging than expected. Speech analytics helps by analyzing every single agent contact, either during or after the call. The result is lower cost and effort in call center compliance monitoring, faster response times, and ultimately reduction/elimination of fines or lawsuits for non-compliance with Consumer Financial Protection Bureau (CFPB) regulations and the FDCPA.  More…

Industry News

Most Customers Readily Offer Personal Data to Companies

According to a recent MyCustomer article, 75% of consumers are inclined to offer their personal data to brands.  However, only 7% think they’re getting better offers from companies as a result of sharing their information, reports the Aimia survey covered in the article. Brands are rarely offering a fair trade in return for consumer data, the research says.  More…

FCC Declaratory Ruling on TCPA Protects Customer Rights on Consent to Call

In its highly anticipated Declaratory Ruling, the FCC has affirmed vital consumer protections under the Telephone Consumer Protection Act (TCPA) and clarified its definition of “pro-consumer uses of modern calling technology” for businesses. The Ruling, which became effective immediately upon release, was approved by a 3-2 vote July 10, 2015.  More…

Study Reveals Organizations Failing to Protect Consumers from Email Scams

According to a new report from the Online Trust Alliance (OTA), the majority of organizations are not taking the proper precautions to protect consumers from email security breaches. The OTA’s Email Trust Scorecard shows that, of the 800 organizations evaluated, 92% failed, revealing that organizations are leaving consumers susceptible to phishing scams and other deceptive emails.  More…

Majority of Consumers Reluctant to Provide Credit Card Data Over Phone

New research from Syntec Telecom reveals that more than half (60%) of consumers are hesitant to pay over the phone when purchasing a product or service. Seventy-five percent of respondents who participated in Syntec Telecom’s 3rd annual tracker survey also indicate that companies should be doing more to prevent credit and debit card fraud.  More…

Video

CallMiner – Speech Analytics Solutions for Collections

CallMiner’s speech analytics solution can help ease collections challenges by analyzing every agent contact – either during or after the call – to eliminate compliance risk, improve agent performance, and increase recovery rates.  More…

Webinars

Improve Efficiency, Revenue & Regulatory Compliance with Automated Scorecards

When every contact counts in your engagement center, insight from all interactions is crucial. But if you are still using a manual QA process, it’s just not feasible. By using an automated interaction analytics and scorecard system, you can gain insight from 100% of contacts and improve operational efficiency, sales performance and compliance adherence.  More…

Expert Panel: Speech Analytics for Compliance and Beyond

Watch this complimentary webinar to learn how experts from top collections agencies around the United States are using speech analytics to enforce compliance and support other initiatives in the call center. Insights provided by speech analytics are being used to improve contact center efficiency and train more effective agents – one the most valuable assets in the collections business.  More…

Case Study

Reduce CFPB Compliance Risk and Improve Collections with Speech Analytics

Collections contact centers and Accounts Receivables Management (ARM) firms face a constant challenge: being able to maximize payments while staying compliant and up to date with new rules and regulations.  This case study highlights how one ARM firm was able to leverage speech analytics to proactively reduce complaints and prepare for Consumer Financial Protection Bureau (CFPB) audits.  More…

Whitepaper

The Delicate Balancing Act: Using Speech Analytics to Optimize Collections and Mitigate Risk

If your collections center is making thousands of calls an hour or a day, how do you know what is happening on collector-debtor interactions?  Without listening to every conversation, you don’t. In general, you don’t know what you don’t know. It’s scary but true.  With CallMiner Eureka Speech Analytics you can listen to every collector-debtor interaction without listening to every call or reviewing every chat session. More…

Final Thoughts

PCI compliance in the contact center isn’t just a good idea – it’s critical for ensuring the safety and security of sensitive customer information.

The above resource guide emphasizes the importance of maintaining compliance in the contact center.  What strategies have proven most effective for your organization?

Stay tuned for additional CallMiner resource guides!

Image Credit: ©iStockphoto.com/Palto

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Posted in Compliance, Finance