Prevent Fraud in Contact Centers with NICE Systems

With the popularity of social media, digital communications and other Internet sites, the amount of personal information we willingly, or unknowingly, put out to the public is huge. This makes the life of a cybercriminal easy. NICE, a provider of workforce optimization and customer interaction solutions, has introduced a solution to prevent fraud across all customer channels, including 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. NICE’s new solution, Contact Center Fraud Prevention, addresses these challenges, strengthening fraud protection without increasing service hurdles and operational costs.

Contact Center Fraud Prevention tracks fraud patterns and screens all phone interactions for fraud against a watch list of known fraudsters. The solution brings together the fraud expertise of NICE Actimize, a branch within NICE that is the largest and broadest provider of financial crime, risk and compliance solutions for regional and global financial institutions and government regulators, with NICE’s years of experience in the contact center. The solution can be deployed as a standalone contact center solution or as part of the NICE Actimize enterprise fraud offering.

“Preventing fraud losses and protecting clients’ personal information are essential goals for enterprises and contact centers. Unfortunately, most agents do not have tools to help them identify fraudsters, which puts the enterprise and customers at risk,” said Donna Fluss, president, DMG Consulting LLC, in a statement. “Social media represents a goldmine for fraudsters. Almost every person has a digital footprint, which can be mined for nefarious purposes. Every public and private organization needs to equip their agents and other employees with tools and best practices to prevent losses.”

So, how does it work? The solution uses voice print matching for speaker identification and fraudster identity verification, identifies fraud patterns and social engineering tactics based on speech analytics to find key phrases, emotion detection, talk patterns and agent desktop events and it uses IVR events, caller geo-location, ANI matching and other contextual data to assess the risk of the call.

A fully integrated Risk Case Manager (RCM) is used to open an investigation ticket following identification of a fraud attempts, including playback of suspicious interactions and Real-Time Guidance for Fraud guides agents through knowledge-based authentication and helps them appropriately handle high-risk interactions, through a set of pre-defined fraud handling rules. Depending on the risk associated with a particular call, the system automatically notifies the supervisor in real time while enabling hot or cold call transfer to a fraud officer.

Voice biometrics, interaction analytics, context analytics, case management and real-time guidance for fraud are all used to ensure customer identification safety and prevent fraud across all customer channels.

“The contact center is a prime target for fraudsters and enterprises must be prepared to ensure that this area of their business is as well protected as online transactions. By leveraging our contact center best practices with our fraud prevention practice, we were able to create an end-to-end solution that offers proactive fraud detection, real-time guidance, and integrated fraud case management,” said Yochai Rozenblat, president of the NICE Enterprise Group. “We believe that our advanced fraud prevention technology will help businesses boost their reputations, protect their customer base, and significantly reduce fraud losses.”

To learn more about preventing fraud and reducing fraud-related losses, click here.