Voice biometrics secures contact centre against fraud

A leading financial institution has implemented voice biometrics technology to help protect its contact centre against fraudsters.

Based on NICE voice biometrics technology, the solution enables the institution to identify fraudsters based on the caller’s unique voice print, removing the need to create service hurdles for legitimate customers.

The technology was developed to tackle the rising phenomenon of sophisticated fraudsters, who are becoming more adept at using information from social networks to bypass traditional caller verification techniques.

Interactions are cross-referenced with a list of known fraudsters

All interactions are cross-referenced with a suspicious watch list of known fraudsters and given a risk score. Those that are “high risk” create alerts and undergo further investigation via the NICE Actimize Enterprise Risk Case Manager (as part of the full fraud case management lifecycle).

The Risk Case Manager consolidates information from any existing detection systems into a single, user-friendly application, and allows the financial organisation to see the full picture of high-risk activity.

The deployment of this technology should reduce the cost of fraud as only high-risk incidents require further investigation. This should also lead to a decrease in the organisation’s operating costs and an overall better allocation of resources.

“As more and more organisations recognise the vulnerability of their contact centers, we believe that the demand for our fraud prevention platform will continue to grow,” said Barak Eilam, President of NICE Americas.