Customer care specialist Contact Solutions announced the launch of Adaptive Fraud Protection, a multi-layered, proactive fraud management solution that recognizes and stops fraudsters and nuisance callers before they create havoc in the contact center.
Provided within Contact Solutions’ Interactive Voice Response (IVR) service, Adaptive Fraud Protection results from a strategic partnership among Contact Solutions, IDology, a provider of identity verification and fraud prevention solutions, and Pindrop Security, a provider of solutions to protect financial services companies and their phone users from account takeover, social engineering and other attacks.
“IDology and Pindrop both have industry leading technology that can be utilized within the IVR to detect and prevent fraudulent activity,” Tim McCurry, senior product manager at Contact Solutions, told eWEEK. “We were looking for solutions that would help us identify fraud while maintaining our ability to provide a great customer experience in self-service. Both companies fit this criteria and they also have a strong and growing presence in financial services.”
With Adaptive Fraud Prevention, financial institutions can detect and act on suspicious upstream activity in the IVR in real time–before account takeovers occur and customers are impacted by fraudulent activity in their accounts.
The platform, which is also designed to improve overall authentication processes and the customer experience, features Automatic Number Identification (ANI) analysis from Pindrop Security’s Phone Reputation Service (PRS), which is integrated with the IVR to recognize and prevent the probing activity and eventual account take-over by using real-time action in the IVR to disposition calls.
“Contact centers are under attack from organized fraud rings and individuals seeking to take over accounts,” McCurry explained. “After each major retail security breach, we see increased activity from fraud rings that purchase consumer data off the black market and use this information to take over accounts or probe the IVR and contact center agents for additional information to help complete the account take-over.”
McCurry said with the right data, a caller can change an account holder’s address and order a new card, re-PIN a card and use a cloned card to drain an account.
In addition, Contact Solutions’ Red Flag detection uses adaptive technology in the IVR to detect and tailor appropriate responses to suspicious activity or high risk ANIs using real-time analytics in the IVR platform,
Finally, IDology’s ExpectID IQ integrated directly with the IVR provides automated dynamic knowledge-based authentication (KBA) in which responses are verified in real time in the IVR to instantly authenticate the caller, for best IVR call disposition – providing increased automation.
“It is very difficult to stay ahead of the organized fraud rings. When you close one hole in security they will change their tactics until they find another one,” McCurry said. “This is why a layered approach to fraud prevention centered around the use of behavioral analysis is the best way to adapt to changing tactics.”