Payment processors, card program managers, and large financial service institutions now have a new way to fight fraud. Adaptive Fraud Protection, available from Contact Solutions, is a multi-layered, proactive fraud management solution that recognizes and stops fraudsters and nuisance callers before they create havoc in the contact center, while improving overall authentication processes and the customer experience.
Provided within Contact Solutions' IVR service, Adaptive Fraud Protection results from a strategic partnership among Contact Solutions, a provider of effortless and sustainable cloud-based customer care solutions improved by business intelligence, IDology, a provider of identity verification and fraud prevention solutions, and Pindrop Security, a provider of comprehensive solutions to protect financial services companies and their phone users from account takeover, social engineering, and other attacks.
Fraudsters today conduct sophisticated, multi-pronged attacks on the enterprise. They use IVRs for surveillance and data-gathering as a precursor to phishing with agents that can eventually lead to account takeover. The impact to the liable institution and to the customer increases downstream after transactions occur, when current fraud solutions detect suspicious activity, so it's important to detect and deter fraudsters as early in the process as possible.
Every month, a typical medium-sized contact center can get more than a thousand fraudulent calls that go undetected until fraud actually occurs. 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. This avoids a negative experience that can drive away customers and gives enterprises a new way to control security breaches and gain consumer trust. This unique offering combines capabilities from all three strategic partners:
- 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.
- 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 that improves cost savings.
- Automatic Number Identification (ANI) analysis from Pindrop Security's powerful Phone Reputation Service (PRS) integrated with the IVR enables a seamless process to recognize and prevent the probing activity and eventual account take-over by using real-time action in the IVR to disposition calls – stopping fraud with less burden to the enterprise.
"Fraudsters are actively engaged to attack even the most secure systems and controls, with odds in their favor if no one is watching. Stopping fraudsters in their tracks by adapting to their changing patterns of behavior is part of our business,” said Michael McShea, senior vice president, marketing and product management, Contact Solutions, in a statement. “Contact Solutions has been successfully addressing fraud risk for programs with millions of card holders for many years. Our Adaptive Fraud Prevention Solution is based on an IVR-specific threat matrix developed with industry experts, and validated through data mining. Through strong partnerships with industry leaders IDology and Pindrop Security, we now have the ability to deliver more powerful fraud prevention in the IVR that benefits contact center operations, fraud managers, and our clients' bottom line."
Adaptive Fraud Prevention helps organizations:
- Discreetly detect and stop probing activity in the IVR.
- Provide heightened authentication for high risk automated transactions.
- Reduce fraud losses and prevent account takeover.
- Adapt and respond to changes in fraud patterns.
"One out of every 2,900 calls to a financial institution call center is fraudulent,” said Greg Adams, vice president, product management, Pindrop Security, in a statement. "Recognizing and stopping fraudsters before they create havoc in the contact center is the power behind our Phone Reputation Service (PRS). Integrating PRS within Contact Solutions' IVR allows us together to dynamically and seamlessly catch fraudsters before they impact your customers and stop them in their tracks with real-time call flow modifications in the IVR. This partnership creates an easier, layered approach that increases security while improving service to our clients."