Stopping Vishing Scammers
Learn how Teknosa turned the tide on an ongoing voice phishing risk across 211 retail locations, with a potential $439,250 annual loss!
Introduction
Teknosa, a leading technology retailer, employs around 2,500 staff and operates 211 stores across 68 locations, with a strong online presence.
Their customer-focused approach depends on providing excellent sales and support services over the phone. However, phone scams exploiting customer trust have caused problems, lowering employee morale, wasting customer service time, and leading to financial and legal issues.
To address this issue, it was significant for all employees, from customer representatives to sales managers, to learn how to identify and report these scams. An automated, sustainable, and swift solution was necessary. Keepnet’s Vishing Simulator was the ideal choice for these needs.
Successful Outcomes
The annual ROI was $30,000
$439,250 of potential financial loss was prevented annually
Employees were 80% better at recognizing fake phone calls in the first 90 days
Impact of Vishing Attacks
Without a systematic approach to preventing phone scams, Teknosa would indeed be exposed to a range of risks. These could include:
Penalties and legal actions: Legal obligations mandate employee training against all cybersecurity risks, including vishing attacks. Non-compliance can result in financial penalties and legal actions.
Financial Losses: Successful vishing attacks can result in customer data leaks and potential ransom demands. There are also costs associated with incident response and mitigation.
Reputation Damage: Loss of trust among customers and employees could have devastating short-term and long-term consequences.
Business disruption: Suspicious activities or real attacks can divert significant attention, disrupting business operations.
Identity theft and fraud: Personal information gathered through voice phishing can lead to identity theft and associated fraudulent activities.
Potential Loss Prevented
The average loss per individual | $502 |
Employees recognizing and reporting Vishing | from 45% to 80% in 90 days |
The total potential loss prevented: $439,250 annually | |
Cost Saved from Vishing Incident Response
Avg. time to respond to a Vishing incident | from 16 hours to 6 hours |
The average cost of one staff | $60 per hour |
The cost of a single Vishing incident reduced | from $960 to $360 |
The average number of Vishing incidents reported per year | 50 |
The total estimated cost savings are $30,000 annually | |
How Keepnet Stepped In:
Vishing simulation was automated, allowing for a detailed analysis of all employees' risky behaviors, making them aware of these risks, and instilling good reporting habits.
Existing incident response strategies for phone-based attacks were evaluated, gaps identified, and protocols revamped.
Comprehensive employee training modules incorporating behavioral science elements like nudges were introduced.
Employee adherence to security policies was assessed and reinforced with targeted training.
The Threat Sharing policy was overhauled to pre-emptively share critical information with authorities and other e-commerce platforms.
Operational Results
2,500 employees, including newly recruited employees across 211 retail stores in 68 locations, were automatically and continuously trained.
Employees successfully identified a voice scam with an 80% success rate during vishing campaigns within 90 days.
The incident reporting and follow-up mechanism was drastically improved with new policies and procedures implemented.
Employee stress and anxiety levels were significantly reduced.
Strategic Results
The total estimated annual cost saving is an impressive $30,000.
Teknosa substantially reduced potential regulatory risks, gaining renewed confidence in its long-term compliance strategy.
The company implemented robust vishing security procedures and established a clear vishing incident response playbook.
The company implemented robust vishing security procedures and established a clear vishing incident response playbook.
"Keepnet’s Vishing Simulator helped us craft scenarios tailored to our culture and goals, enabling our employees to identify, report, and counter cyber-attacks coming from phone. Keepnet contributed to a 30% increase in business efficiency, and our ability to identify and stop risks increased 12-times more."