There were 16.7 million victims of identity fraud in 2017, with the amount stolen rising to $16.8 billion, according to the 2018 Identity Fraud Study released earlier this year by Javelin Strategy & Research.
Adding to that astounding fact, a recent Gartner article* calls contact centers the “epicenter of vulnerability in many organizations” and projects that by 2020, 75% of omni-channel customer-facing organizations will sustain a targeted, cross-channel fraud attack with the contact center as the primary point of compromise.
With digital channels having stronger fraud prevention controls than voice services, fraudsters are getting more sophisticated, so organizations need to adapt an even more sophisticated approach to handle the risk and protect their customers.
To balance customer experience with the need for security, industry experts are increasingly calling for the use of biometrics as it can play a key role within the contact center and across multiple contact channels.
Voice biometrics has already proven to be effective in stopping fraud attempts and preventing future fraud:
“As users increasingly demand frictionless authentication everywhere, biometrics solutions have garnered significant attention for both authentication and fraud prevention, especially on mobile and IoT devices. Furthermore, as their adoption increases, they will hasten the demise of the industry’s least user-friendly method — passwords.” – Forrester Research, “TechRadar™: Biometric Authentication, Q1 2017
Independent research conducted by Forrester and commissioned by Nuance shows a biometrics solution delivered 191% ROI by preventing fraud, simplifying authentication and increasing customer satisfaction.
But there are other biometrics that can be used to secure authentication and prevent fraud. The same analysis that was used to prove the Unabomber guilty in 1998 is used today to stop smaller-scale crime – based on a choice of words and patterns of speech. Using speech-to-text, a core competency of Nuance, we can now analyze vocabulary, sentence structure, grammar—and more nuances that are unique at an individual level.
This technology, called ConversationPrint™, is a biometric modality based on behavioral characteristics only. When used as a complement to voice biometrics, the technology enables frictionless and continuous authentication throughout the customer engagement, increases customer satisfaction by reducing false rejection rate and can also improve fraud detection rate.
This layered approach to security can now enable us to authenticate an individual and catch fraudsters based on HOW they talk, not just the sound of their voice.
In the future, we see the use of ConversationPrint also within digital applications (live chat, interactions with virtual assistants) and not only within the contact center.
ConversationPrint™, along with other biometrics, intelligent detectors and anti-spoofing technologies, is now available with the latest SecuritySuite v12 that was released last week.
To read more about ConversationPrint and Nuance next generation SecuritySuite, click here.
*(“Don’t Let the Contact Center Be Your ‘Achilles Heel’ of Fraud Prevention” – Gartner, March 2017.)