PINDROP BLOG

Here’s What Gartner Has to Say About Phoneprinting

Earlier this year, Gartner released a report which shed new light on how organisations can continue their pursuit against contact centre fraud.

Analysts Tricia Phillips and Jonathan Care recommend to “partner with contact centre leadership or third-party providers to implement fraud-prevention-based phoneprinting technology. This, they suggest, will help improve customer authentication and reduce call times for legitimate customers, while identifying high-risk calls for appropriate scrutiny.”

The report uncovers three important facts that are driving this urgency:

  1. Contact centres are often neglected in the fight against fraud and as such become the weak link in omnichannel organisations
  2. By 2020, 75 percent of omnichannel customer-facing organisations will sustain a targeted, cross-channel fraud attack with the contact centre as the primary point of compromise
  3. The technologies and techniques available to detect and prevent contact centre fraud and omnichannel fraud have reached a maturity point that justifies investment and integration for most organisations that have the need to mitigate contact centre fraud

At Pindrop, we have been tracking the increase in fraud call rates and have seen fraud exposure costs within call centres skyrocket during this time. Last year we analysed more than 500M calls and witnessed more than a 100 per cent increase in fraudulent activity.

Pindrop delivers solutions to cover nearly all components that Gartner highlights in the report to help solve the contact centre fraud problem, including:

  • Implementing a solution: Pindrop’s Phoneprinting™ technology uses 147 unique call features to create a distinctive identifier for each caller so that calls are identified quickly and fraud is eliminated
  • Using of biometric voice recognition: voice biometrics are imbedded in fraud detection technology and passively voiceprints every call to identify known fraudster
  • Sending fraud activity to central fraud analytics tool: Use a centralised case management system that allows you to hear the full call exchange, review each calls risk assessment, and provide feedback leveraged by our consortium to help spot known fraudsters in your organisation and even other companies in our network
  • Allowing CSRs to service customers without asking them to detect fraud: With advanced fraud detection technology, you should be able to catch over 80 percent fraudulent calls with less than 1 percent false positive rate. This assurance allows more focus on providing a positive customer experience

The contact centre is under attack and companies urgently need to reduce fraud exposure and provided a better authentication experience for their valued customers.

Still need to be convinced? Read the full Gartner Report to find out why phoneprinting is necessary.

 

 

Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.