Silencing Vishing Scammers

How Teknosa Turned the Tide on an Ongoing Voice Phishing Risk Across 211 Retail Locations, with a Potential $439,250 Annual Loss!

Introduction

Teknosa is a leading technology retail network with a workforce of approximately 2,500 employees, operating a chain of 211 retail stores spread across 68 different locations. In addition to their physical stores, they have a strong online presence, with a well-established website facilitating a substantial portion of their sales.

Their customer-centric business model relies heavily on providing top-notch sales and support services via telephone. Despite their dedication to customer satisfaction, the company has been challenged by the problem of phone scams aimed at exploiting the trust between customers and employees.

These fraudulent activities not only undermined employee morale and motivation, but also stole precious time from customer service, leading to considerable financial losses and potential legal repercussions.

In an effort to address these threats effectively, all employees, from customer representatives to sales managers in their 211 retail stores across 68 locations, had to understand, resist, and report such attacks. An automated, sustainable, and swift solution was required. Keepnet’s Vishing Simulator emerged as the perfect fit 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.

"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."

- Ulas Kaya, Information Security Manager at Teknosa

Return on Investment (ROI)

Cost of Breach:

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

Average Cost of 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

The total estimated cost savings are $30,000 annually (reducing the cost from $48,000 to $18,000)

How Keepnet Labs 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.

Take the Next Step

Interested in protecting your employees from vishing scams and securing your business? Get in touch with Keepnet Labs today and discover how we can bolster your cybersecurity defenses. Leverage our sophisticated solutions like Teknosa did, and let us help you build a safe, secure, and scam-free environment for your employees and customers alike.