Phone Fraud: The Devil is in the Detail
Fighting phone fraud with analytics
Phone fraud might seem like an old enemy in the telecoms space, but it remains a common concern for many businesses. This criminal enterprise represents a multi-billion pound opportunity for criminals. According to some studies, the financial damages of phone fraud are even more significant than credit card fraud, with a global cost to consumers and businesses of around £25.5 billion per year.
Fraud is one of the most significant risks that businesses face each day. The UK appears to be one of the countries under the greatest degree of threat – as the world’s third most-targeted location. Although companies around the world are beginning to build their strategies for cybersecurity and online fraud prevention, phone fraud is regularly overlooked. Despite this, Pindrop labs suggest that call centres are seeing a rise in fraudulent calls.
The good news?
There is a way to reduce call fraud and protect your company. With analytics – specifically speech analytics, it’s possible to detect potential fraudsters using even the tiniest of details.
Using Speech Analytics to Tackle Fraud
To beat call centre fraud, you need first to understand it.
Fraudsters in the modern age are using a variety of strategies to trick call centre agents. Many companies don’t know that they’ve been a victim of fraud until it’s already too late. Some fraudsters build rapport with the company they hope to steal from over time. Others simply swipe certain details about a customer and contact a company pretending to be their client.
Although it may never be possible to prevent 100% of telephone crime, there are steps that companies can take to reduce their risk. For instance, simply training agents in how to detect instances of fraud is a good first step. However, the best option currently available on the market, combines innovative analytics software with language processing, to detect issues that a human being wouldn’t notice alone.
Speech analytics software captures text and voice conversations and transcribes them into searchable databases of information. This tool is becoming increasingly popular in the management of fraud, as it allows companies to establish rules that may identify suspicious or fraudulent behaviours. Some advanced speech systems can even detect when a caller is likely to be lying, to help companies mitigate their risk.
The Innovators in Fraud Analytics
Already, leading vendors in the communication market have begun to transform the way that we handle issues of fraud, by introducing exceptional strategies for speech analytics. For instance, Pindrop, one of the leaders in voice intelligence, offers a “phoneprinting” technology to help companies tackling fraud. The phoneprinting system takes a small amount of information from a call and analyses it to get a fingerprint of the audio. Using machine learning, the system can then determine whether the call came from a fraudster or a legitimate customer.
Pindrop’s PhonePrinting strategy gives companies greater insight into their communications so that they can properly fight back against the issue of fraud. Service providers can even monitor threats in real-time, and set-up predictive analytics to protect themselves against attacks in the future. Because the system has machine-learning built-in, it’s consistently growing more intelligent, meaning that it can provide increasingly accurate alerts on potentially fraudulent calls.
Pindrop isn’t the only company pioneering in this area. Tollring, one of the leaders in communication solutions, recently enhanced its iCall Suite strategy for call recording and analytics to include fraud detection alarm solution. The iCS fraud module helps to combat fraud by detecting variance in call interactions in real-time.
With the iCall Suite, service providers and resellers can easily monitor the inbound and outbound calls of their customers and use call-limit profiling to reduce the risk of fraud. Rule-based alerts can even be activated to inform resellers and customers of dangerous call behavior, allowing service providers for more proactive management of their channels. The whole strategy also integrates seamlessly with the iCall Suite.
What’s more, NICE, another leader in the customer experience and communication environment, also offers their real-time authentication solution. The RTA service from NICE provides end-to-end authentication management for call centres. Using voice biometrics, it works to automatically verify the claimed identity of a caller within the first seconds of a conversation. The unique single voiceprint solution allows RTA to use the same voiceprint to identify customers across channels and mobile applications. The system combines voice biometrics with various other factors to keep fraudulent issues to a minimum.
Whether consumers are connecting with a business through an IVR or a mobile app, the RTA solution will verify their voice, device, phone number and more, all without any interruptions to the discussion.
Using Analytics to Transform Security
The demand for tools to prevent and detect fraudulent calls is rising. As voice becomes a more frequent part of day-to-day consumer interactions, we can expect that the need for voice-printing technologies to increase. For instance, according to Pindrop’s 2018 survey, 85% of businesses will be using voice technology like voice-activated assistants to connect with customers soon.
As consumers and employees alike continue to move away from keyboards and touchpads and explore the power of voice, we’ll need more strategies in place to ensure that companies can keep both their data, and their customers secure. Voice fingerprinting technologies could be essential to ensuring that people remain safe whenever they log into a meeting using their voice assistant, connect with a collaboration tool, or simply order new supplies.
While the rise of voice technology offers a lot of benefits to consumers and business users in terms of speed and convenience, it also presents new challenges to address. For businesses to ensure that they’re managing and protecting data according to the latest standards, it’s essential to have the right security systems in place. This means turning to an analytics strategy that allows organisations to accurately detect and stop fraudulent activity in real-time.
The companies that can get ahead with their voice protection solutions are the ones that will be successful in gaining customer trust, and loyalty in the long-term.