While the Internet has made many parts of our lives easier – navigating, searching, shopping, networking, banking and building a career can all be completed in just minutes from a browser – it has also opened up a lot of opportunities for the bad guys. Cyber attacks, contact center fraud and identity theft are much more common now that personal data is released on the Internet, sometimes voluntarily but oftentimes without us even realizing it.
The contact center is especially a target for malicious activity. All it takes is an agent who believes that the caller “can’t find my account number anywhere!” but who has answers to all of the security questions. Minutes later the caller has completed a transaction or obtained more information about the account and customer they are pretending to be.
There are some challenges when it comes to dealing with fraud in the contact center. Fraud exposure results in direct financial losses and brand equity damage, while customers harmed by fraud are more likely to churn. On the other hand, protecting against fraud drives increased operational costs and creates service hurdles for customers.
A major financial institution recently deployed NICE’s Contact Center Fraud Prevention solution, a multi-layered solution that leverages automated voice biometrics technology to identify suspicious interactions as they happen and identify fraud interactions based on the caller’s unique voice print. The solution is designed with the customer experience and the voice of the customer in mind, ensuring a secure interaction and quality service.
With NICE’s solution, organizations can screen all contact center interactions and identify fraud, protect all customers against known fraudsters, help agents appropriately handle high-risk interactions, prioritize high-risk interactions for investigation before transactions are authorized, and monitor and track fraudsters’ behavior to protect against future fraud.
The financial organization turned to NICE to better secure one of its contact centers against fraudulent callers. It now integrates all alerts from across the organization, including branches, ATMs, websites and contact centers, to see the full picture of high-risk activity. The solution is detecting fraudulent calls on a daily basis and as a result is saving the organization tens of thousands of dollars in fraud losses every day.
“Being selected by one of the leading financial institutions underscores our position as innovators in this field, which stems from our combined contact center expertise and that of NICE’s financial crime and compliance business (NICE Actimize) in fraud prevention,” said Barak Eilam (News - Alert), president of NICE Americas, in a statement. “And, as more and more organizations recognize the vulnerability of their contact centers to sophisticated fraudsters, we believe that the demand for our fraud prevention platform, which incorporates multiple fraud detection technologies, will continue to grow.”
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