July 26, 2019
Trends in Insurance | How Can We Prevent Fraud?
Across the board, insurers found they were experiencing a huge…
Martin Dodd, Managing Director, Connect, Lloyds Banking Group
With the spotlight remaining on the evolving threat of online fraud, phone fraud is an area that is often overlooked. It is, however, an area where fraudsters, aided by new technology, still look for opportunities.
Smarter thinking, collaboration and using innovation are helping organisations to stay a step ahead. We recently announced that we are implementing Pindrop’s patented Phoneprinting™ technology to help further protect our customers against potential fraudsters. The technology allows our contact centre colleagues to be in a better position to identify the authenticity of a caller, and therefore provide a better experience for the millions of customers who call us every day.
The science behind Phoneprinting
How it works is really impressive, identifying in real-time 147 unique characteristics of a call as it comes in and then using this insight to calculate a risk score. The risk score helps our colleagues to decide whether a caller is legitimate or a potential fraudster. We can then adapt the questions that we need to ask to verify and authenticate it’s a genuine customer that we are speaking to.
We’re always looking to be on the front foot where potential fraudsters are concerned and we know that we need to apply a number of different layers of detection and prevention. Technology like Pindrop’s Phoneprinting gives us an additional level of reassurance that we are detecting potential fraudsters faster and are therefore improving the experience for genuine customers with quicker authentication and shorter call times.
Development and expansion
We are integrating Phoneprinting across all of our contact centres across the UK, with the technology benefiting Lloyds Bank, Halifax and Bank of Scotland customers.
We know that fraudsters will continue to see potential opportunities as technologies evolve but we are committed to continuing to lead the industry in this important area.
To learn more about how to combat phone fraud in the call centre, read this whitepaper by customer experience expert, Martin Hill-Wilson.