Tuesday 07th February,
Working with TelSolutions
Telsolutions transforms the way organisations communicate throughout the customer lifecycle to build trusted, lifelong and profitable relationships. Many organisations rely on Telsolutions and our professional services team, to design, execute and continually measure and optimise their communications strategies to generate revenue, increase customer satisfaction, and reduce operating costs... find out more
Outbound Fraud Alerts
Fraud Alerting with Voice Biometric SecurityThe Challenge
Banks and Card Issuing providers are becoming increasingly accurate in identifying suspicious activity on bank accounts and payment cards. The difficulty has traditionally been contacting the user to verify the transactions and the amount of time that specialist fraud investigators spend verifying the transactions of users who have replicated suspicious activity innocently.
Confidentiality
Organisations wishing to speak to the account holder need to reactively outbound call them, and progress through a sequence of verification questions. However, as the account holder how can I trust someone who is purporting to be from my Bank but is asking for my Mother's maiden name?
Verification of transactions
Some frauds are easy to spot, if I use my card to withdraw cash in 2 separate countries half way across the world from each other in the same hour; we know the card is cloned. However lower risk fraud streams include several legal transactions for every illegal one. As a fraud manager I want my fraud specialists to speak to the victims, not spend time with people whose spending yesterday was just unusual.
Telsolutions Voice Vault Fraud Management platform.
The solution is a voice biometric platform that can verify the user accurately and securely, then verify the transactions automatically, only transferring those account holders who have been victims of fraud.
The system will automatically confirm and verify the account holder by their personal and unique voice biometric print. Customers can have the peace of mind that the organisation calling them is authenticated by hearing their own voice reading back their personal password that was given during registration. Once verified a customer can be read the suspect transactions sequentially verifying them or indicating that they are fraudulent. At the point that a customer identifies a transaction as fraudulent they are transferred to the Fraud investigator where the transaction can be stopped and a new card can be issued.
The solution can prioritise different fraud streams to prioritise the fraud streams with the greatest likelihood of fraudulent activity and the calling rate is automatically adjusted to ensure that the Call Centre is never forced to handle more calls than they are capable of managing. The system can be integrated in to existing systems to provide an "all clear" signal against the transactions that have been verified. By automating the process of transaction verification, Card providers and Banking providers will be able to reduce the estimated £440M of fraudulent transactions and stem the rising £125M of online fraudulent transactions every year in the UK.
