Financial Institution Selects NICE's Contact Center Fraud Prevention Solution

NICE Systems (News - Alert), a provider of workforce management and digital recording solutions, announced that it has been selected by an undisclosed financial institution.

The financial institution has chosen NICE's Contact Center Fraud Prevention solution, which is based on voice biometrics technology, to secure its contact centers against fraudulent callers and reduce fraud losses without creating service hurdles for legitimate customers.

NICE's Contact Center Fraud Prevention is fully integrated with the institution's existing NICE Interaction Management platform. The system also leverages the NICE Fraud Prevention platform, which includes multi-layered analytics capabilities and is designed to seamlessly integrate future technologies for the most comprehensive fraud detection abilities.

The fraud prevention solution helps financial institutions identify fraudulent interactions based on the caller’s unique voice print. It can tackle the rising frauds in contact centers, which is a result of attacks by sophisticated fraudsters who are adept at using information from social networks to manipulate customer service agents and bypass traditional caller verification techniques.

NICE uses a suspicious watch list of known fraudsters to cross-reference all interactions, which are given a risk score according to the severity of their impact. Those that are "high risk" create alerts and undergo further investigation via a cross-enterprise solution called the NICE Actimize Enterprise Risk Case Manager.

Offered as part of the full fraud case management lifecycle, NICE Actimize Enterprise Risk Case Manager helps organizations proactively address risk issues using a central platform for holistic case and alert management, robust investigations, and automated regulatory and management reporting.

The advantage of this solution is that it consolidates information from any existing detection systems into a single, user-friendly application. The solution has the ability to integrate all alerts from across the organization – branches, ATM, website, and contact center – so it has the ability to see the full picture of high-risk activity.

"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.

"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," Eilam added.