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:
- Contact centres are often neglected in the fight against fraud and as such become the weak link in omnichannel organisations
- 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
- 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.
This week, Pindrop is proud to announce that we have been awarded a patent for our PhoneprintingTM technology, which combines authentication with fraud detection technology to verify legitimate callers and detect malicious callers.
Pindrop co-founder and CEO, Vijay Balasubramaniyan invented phoneprinting in 2010, while he was working on his PhD at Georgia Tech. Vijay noticed that there were subtle differences in audio characteristics of phone calls coming from different countries. In his thesis, “Using Single-Ended Audio Features to Determine Call Provenance,” Vijay created an algorithm to analyze call audio and identify anomalies in Caller-ID information.
Five years later, Vijay’s thesis has become the core of Pindrop’s Phoneprinting technology. Today, phoneprints analyze 147 audio characteristics to determine the risk level associated with each call. Phoneprinting has gotten more sophisticated as we’ve integrated voice biometrics and caller reputation information to create the Fraud Detection System (FDS).
Many of the largest banks, insurers, brokerages, and retailers in the US are using FDS phoneprinting to protect their call centers. They’re using Pindrop’s solution because it is the only one on the market that flags fraudulent callers on the first call, and functions regardless of call type or quality. Phoneprinting is the only technology that can detect and track voice distortion, Caller ID spoofing, gateway hijacking, and other fraud techniques.
With the new patent, we’re ready to continue to tackle the world of phone fraud and authentication.
Read more about how phoneprinting works in our latest Technology Brief.