Many financial institutions are contemplating the use of voice biometrics for fraud detection. Makes sense. Capture enough audio to identify callers in the future can provide another way call centers can mitigate their risk of fraud and improve customer relations. But while voice screening can help banks validate whether the person on the other line is who they say they are, relying solely on voiceprint technology for customer authentication has its shortcomings when used alone.
Operational setbacks can include everything from higher phone costs to declining customer service.
As Mark Lazar, Verint’s vice president for intelligence systems, recently stated, voice biometrics are shown to be most effective when combined with other fraud detection techniques.
“Within a few months we see a 90 percent reduction in the types of calls these fraudsters are making.”
This drives home my very point — while some emerging customer-identity technologies show a lot of promise, they can fall short when working alone. The truth is, there’s no single authentication tool that solves all risk and customer service issues. However, using complementary detection tools that work together to provide multi-levels of authentication provides an effective way for call centers to root out the bad calls and ensure a better experience for their good customers.
This is why we partnered with Nuance Communications — to give financial and telecommunication organizations the advantage of having two-factor authentication in a single solution. By combining the power of voice recognition with TRUSTID’s real-time telephone network forensics that identifies callers before the phone is answered (“pre-call”), we help companies automatically stop known bad calls without adding extra time or labor costs while instantly validating good callers to improve the overall customer experience.