Securing and streamlining all banking channels oftentimes requires the collaboration of innovative technologies. This is the thinking behind TrustID’s new partnership with Adeptra, a leader in decision-making solutions for real-time consumer communications.
As the rise in identity theft increases the fraud risk of financial institutions using caller-interrogation procedures like knowledge-based authentication (KBA) to validate a customer’s identity, Adeptra sought an authentication solution that could quickly and non-intrusively validate a caller’s identity without impacting the customer experience. By validating Caller ID and ANI with the physical location of the caller before the call is answered, the TrustID® network-based Physical Caller Authentication tool was the right fit for helping Adeptra’s banking customers mitigate the risk of telephone-related fraud while reducing call handling times and contact center costs.
Integrating Adeptra’s Decision Engine with TrustID creates a robust platform for credentialing each caller’s identity while detecting and preventing Caller ID and ANI spoofing. As a result, banks and their customers experience a number of significant business benefits, including:
- Minimize business risk: The ability to detect, address and prevent telephone fraud before it occurs reduces fraud-based losses and improves consumer confidence.
- Reduce contact center costs: By shortening authentication procedures for unvalidated calls, and enabling suspicious calls to be addressed in a more cost-effective manner, the joint solution can reduce call center costs by 20%.
- Combat telephone-based fraud: The joint solution works to combat several types of fraud including identity theft, voice phishing, social engineering, line takeover and account breakout.
- Improve customer experience: As the authentication process takes place before the call is answered, it ensures a faster and more pleasant experience for genuine callers.
According to Adeptra’s CTO, Tony McGivern, the TrustID partnership provides a level of fraud prevention that enables banking institutions to secure the telephone channel and increase consumers’ trust in their brand.
“Our partnership with TrustID marks a significant step forward in financial institutions’ ability to combat fraud, reduce risk and increase consumer confidence. Knowing that an inbound call is coming from the genuine cardholder or account holder’s telephone is a reliable and practical authentication and a major contributor to fraud prevention.”
For today’s financial institutions, increasing performance and protecting confidential company and customer data is vital to maintaining a strong brand identity and retaining existing customers. A robust solution that combines an intelligent decision engine with pre-answer caller authentication reduces operating costs, minimizes fraud risks and improves the overall customer experience, all key components to achieving a highly secure, cost-effective and efficient banking enterprise.Tags: Adeptra, ANI, ANI Spoofing, Bank Call Center, banking customers, Caller ID, Caller ID Spoofing, customer authentication, identity authentication, KBA, knowledge-based authentication, minimize risk, Physical Caller Authentication, TrustID