Voice Verification and Fraud Detection – Interchangeable or Complementary Solutions?

Ken Landoline
Ken Landoline

Summary Bullets:

  • Voice verification technology has advanced substantially and vendors are introducing reliable products capable of positively identifying legitimate customers, by matching their voices with previously-recorded voice prints, with a very high level of confidence.
  • Fraud detection solutions have entered the marketplace and are being used successfully in many security-sensitive markets to identify known fraudsters when they call into a contact center by comparing their voice to previously recorded voice prints stored in a fraudster data base.

Voice recognition technology has improved enormously over the past five years which has resulted in several effective tools to assist contact center operators in verifying the legitimacy of virtually every caller entering a queue in a customer care environment. This biometric approach to customer identification provides better accuracy and a level of security beyond that of the previously-used security question approach to customer identification (e.g., What is your mother’s maiden name? and, What are the last four digits of your social security number?). Over the past few years, fraud detection systems that match a caller’s voice with previously-recorded and stored voice prints of known fraudsters, have been installed by many companies wishing to deter fraud in their customer care environments. These systems have been successful in mitigating fraudulent transactions in the financial services market segment, if not stopping them altogether. More recently, voice recognition solutions have taken a more positive turn and are designed to compare the voice of legitimate customers to their previously-recorded, passively collected voice prints before allowing a risky transaction, such as an address change or money transfer, to be completed. These systems are also showing positive results in many banks, credit card and retail customer care environments. Continue reading “Voice Verification and Fraud Detection – Interchangeable or Complementary Solutions?”