Combined with Protect, Fraud Loss Avoidance and Passport Authentication—CommunityAmerica Credit Union’s benefits are in high-cost savings!
The challenge
CommunityAmerica Credit Union is a beloved and trusted local credit union, that provides products and services to their extended Kansas City family. Their commitment to this family, to serve them, support them, and protect their finances has made CommunityAmerica Credit Union an attractive and trusted institution for everyday people in Kansas City.
CommunityAmerica Credit Union’s member focus has driven them to search for ways to continue to simplify member service and support; to improve data protection for the members they consider extended family. That focus and genuine care have now transformed into tangible advanced technologies that are delivering improvements across the organization. CommunityAmerica Credit Union is delivering frictionless, brand strengthening, member service and comprehensive, flexible, and predictive consumer data protection with Pindrop.
The solution
Like many financial organizations, CommunityAmerica Credit Union recognizes the high risk that fraud can present within the call center. As call volume spiked due to rapid changes in member service caused by health concerns and mandated shutdowns, CommunityAmerica Credit Union sought out solutions to their evolving security challenges. From the prevention of unauthorized access, account takeover, and the mitigation of fraud loss and associated costs across channels; to the instant verification of member identity which manifests downstream as faster resolution speeds, improved member effort scores, and operational savings – CommunityAmerica Credit Union is delivering frictionless, brand strengthening, service to their membership with comprehensive, flexible, and predictive fraud technology with Pindrop.
Our partnership + challenges
Pindrop solutions verify members passively before connecting to agents, predict fraud 60 days before it occurs, identifies at-risk accounts to thwart organized fraud rings, and enables fraud teams to stop fraud loss in real-time, reducing fraud-related costs, and improving efficiency through false-positive rates below 1%.
Through this partnership, CommunityAmerica Credit Union reduced and prevented fraud losses, improved membership service metrics, and strengthened brand trust with their KC family by preventing fraudulent activity across channels and removing roadblocks to quick, personalized, and secure issue resolution.
Pindrop Protect quickly surfaced fraud patterns and volumes that were highly actionable. The user interface is so easy to use, the bank’s fraud analysts can see the details about each call and what factor was influencing the highest risk scores. With the insights from the phone channel that Pindrop Protect provides, the analyst can immediately block transactions and requests from occurring in other channels such as in-app and wire transfers as well as IVR services. In less than one year, the bank measured its ability to prevent fraud attacks on over $56M in assets with Pindrop.
Protect leverages multiple factors to analyze thousands of data points using 5 unique technology engines:
Device – PhonePrinting
Analyzes over 1,300 characteristics of a call’s full audio to determine risk and catch first-time fraud
Voice – Deep Voice
Next-gen voice identification, optimized for noisy conditions, speaker aging, & multi-voice enrollment
Metadata – Network Analysis
Analyzes ANI risk/velocity, account and carrier risk, smart white/blacklisting, phone number reputation
Connections – Trace Technology
Graph analysis of relationships between activities, accounts, and calls across time.
Behavior – Heuristic Analysis
Non-monetary transactions, robotic dialing, key press habits
How Pindrop helped
CommunityAmerica Credit Union began with the initial implementation of Pindrop® Protect, to address fraud attempts on member accounts. Following this initial deployment, to improve their members’ experience and address operational costs, CommunityAmerica Credit Union adopted Pindrop Passport to validate their member’s identity over the phone.
Passport passively works in the background to verify members’ identity without requiring genuine members to jump through hoops. Passport uses proprietary multi-factor risk- based authentication processes, leveraging factors including call risk, behavior, device, and voice for the identification of incoming callers. To mitigate fraudulent activity targeted at CommunityAmerica Credit Union and improve operational costs and member experience, CommunityAmerica Credit Union leverages data points gleaned from 5 technologies working together on the Pindrop platform—that power two separate solutions for caller authentication and verification and the other for fraud detection and mitigation.
Passive, multi-factor caller authentication + verification
As Members continue to be passively enrolled and authenticated with Passport; CommunityAmerica Credit Union is on a trajectory to save ~$400K in call center operationalization costs in 2020 enabling better value for members.
The results
CommunityAmerica Credit Union prevented over $570,000 in fraud exposure within months – without sacrificing CES or adding further friction into the process.
115 seconds got removed from total call times.
KBAs were reduced to 2 and when all KBAs, 4 in total, were removed for callers.
CommunityAmerica Credit Union saw reductions in average hold time across 98% of its calls, greatly reducing operations costs associated with the additional time that was once used for asking questions and extending members’ experiences unnecessarily.
Combined with Protect, Fraud Loss Avoidance + Passport Authentication—CommunityAmerica Credit Union’s total benefit is a 4X return on investment (ROI) with the partnership with Pindrop
What’s next
IVR Adapted Technologies to Provide 100% Coverage
This expansion of anti-fraud capabilities into the IVR will enable CommunityAmerica Credit Union to predict what accounts will be “at-risk” 60 days before a fraudster attempts to make a withdrawal.
Further Optimization Leveraging Automated APIs
By automating APIs, CommunityAmerica Credit Union can focus on making sure 80% of incoming calls have identity claims.
Graphic Algorithm for Fraud Detection
CommunityAmerica Credit Union will soon be able to leverage the analysis of relationships between activities, accounts, and calls across time.