Voice Verification and Fraud Detection – Interchangeable or Complementary Solutions?

Ken Landoline

Ken Landoline

Summary Bullets:

  • Voice verification technology has advanced substantially and vendors are introducing reliable products capable of positively identifying legitimate customers, by matching their voices with previously-recorded voice prints, with a very high level of confidence.
  • Fraud detection solutions have entered the marketplace and are being used successfully in many security-sensitive markets to identify known fraudsters when they call into a contact center by comparing their voice to previously recorded voice prints stored in a fraudster data base.

Voice recognition technology has improved enormously over the past five years which has resulted in several effective tools to assist contact center operators in verifying the legitimacy of virtually every caller entering a queue in a customer care environment. This biometric approach to customer identification provides better accuracy and a level of security beyond that of the previously-used security question approach to customer identification (e.g., What is your mother’s maiden name? and, What are the last four digits of your social security number?). Over the past few years, fraud detection systems that match a caller’s voice with previously-recorded and stored voice prints of known fraudsters, have been installed by many companies wishing to deter fraud in their customer care environments. These systems have been successful in mitigating fraudulent transactions in the financial services market segment, if not stopping them altogether. More recently, voice recognition solutions have taken a more positive turn and are designed to compare the voice of legitimate customers to their previously-recorded, passively collected voice prints before allowing a risky transaction, such as an address change or money transfer, to be completed. These systems are also showing positive results in many banks, credit card and retail customer care environments. Read more of this post

Customer Authentication and Fraud Detection: The Contact Center’s Looming Challenges

Ken Landoline

Ken Landoline

Summary Bullets:

  • The costs of compromised security in the customer care environment are high to both the enterprise and the customer, and the occurrences of security breaches continue to grow briskly.
  • Although not widely used technologies today, the combination of voice biometrics and predictive analytics has great potential to enhance fraud deterrence.

The methods of customer identification and verification used in contact centers today take too much time and are a major source of customer irritation. Agents’ questions inquiring about personal identification numbers (PINs) or asking pre-arranged security questions, such as “What is your father’s middle name?”, have outgrown their usefulness and are often easily circumvented by fraudsters seeking illegal access to customer accounts and private corporate information. High on the list of technologies destined to replace these traditional techniques are voice biometrics coupled with sophisticated predictive analytics. Read more of this post