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Contact Solutions Reveals Staggering Data with Adaptive Fraud Prevention Solution
[November 02, 2015]

Contact Solutions Reveals Staggering Data with Adaptive Fraud Prevention Solution


Contact Solutions, a leading provider of cloud-based voice and mobile customer engagement solutions improved by business intelligence, today announced insightful findings based on data extracted from its Adaptive Fraud Prevention Solution. Proprietary analysis of millions of interactive voice response (IVR) interactions reveals that an astounding one in 360 (1/360) calls are fraudulent, with each individual fraudster accessing multiple accounts, usually with spoofed telephone numbers. An alarming 25% of fraudulent calls lead to the successful compromise of an account.

The analysis also identified how fraudsters conduct malicious activity, citing disposable cellular phones as the primary method (50%), anonymous voice over IP (VoIP) connections (47%), and landlines with spoofed numbers (3%). Fraudsters using cell phones prefer prepaid devices with no contract, while those using VoIP numbers often choose anonymous services to disguise the origin of the call.

These statistics illuminate the increasing vulnerability of the contact center, where fraud can be detected in the form of abnormal "probing behavior." Criminals leverage data stolen from data breaches to infiltrate accounts through an organization's IVR, making it a home base for fraudsters to hijack caller information and gain access to the account balances, deposit activity and more.

Adaptive Fraud Prevention is a multi-layered, automated fraud management tool that monitors and analyzes IVR interactions to reduce vulnerabilities at the individual caller level. The solution detects suspicious behavior patterns that identify fraudulent activity so organizations can take action to protect the customer experience and the credibility of the contact center.

Adaptive Fraud Prevenion is available to customers who subscribe to Contact Solution's hosted IVR solution.



Supporting Quotes

Tim McCurry, Director of IVR Products with Contact Solutions
"Compared to traditional fraud detection tools that merely deny transactions at the last moment to avoid a loss, Contact Solutions' Adaptive Fraud Protection solution has the unique ability to detect fraud upstream. To date, we've had nearly 100% detection accuracy of account takeover fraud, usually before the customer is impacted. It's the only multi-layered, automated tool on the market that provides government and commercial organizations such a powerful deterrent that can be used to track and stop fraudulent actions over time and across accounts."


Gartner (News - Alert), Inc. "Market Guide for Online Fraud Detection" by Avivah Litan, Jonathan Care (April 27, 2015)
Gartner recommends that organizations should, "Integrate disparate point solutions into a common alert management system, where alerts and their attributes can be weighted and correlated in order to highlight the most suspect alerts and events that need immediate attention." And, "Favor vendors that implement multiple fraud detection layers, as well as provide user and peer group profiling, behavioral analytics, and integration of external threat and identity intelligence. This should especially be the case if your enterprise does not have IT capacity or resources to integrate products and services on its own."

Additional Resources

About Contact Solutions
At Contact Solutions, we believe customer care should be effortless for the customer and sustainable for the enterprise. Our cloud-based, voice and mobile customer care solutions reduce effort through highly personalized self-service and agent-assisted experiences, provided at the convenience of the customer. We use business intelligence to continually improve and optimize customer care so enterprises can achieve superior results at sustainable cost, while adapting quickly to rapidly changing customer demands. http://contactsolutions.com


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