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24-7 Fraud Protection Without Breaking a Sweat

24-7 Fraud Protection Without Breaking a Sweat

Identity fraud is a very real threat facing businesses today. A breach can quickly result in devastating financial loss for your customers and your organization. A 2021 study by Javelin Strategy & Research has revealed that identity theft cost Americans around $56 billion last year, impacting as many as 49 million customers.

While there’s a clear need to step up fraud protection efforts, conventional approaches can create frustrating experiences for customers. When calling a contact center or bank, for example, people often have to answer strings of security questions to identify themselves and prove that they are who they claim to be.

This process can be exasperating. Not everyone, for example, can remember what the last transaction on their credit card was. It’s also not always secure. Malicious parties can easily find personal information on a customer’s social media feed, such as a pet’s name or where they went on honeymoon. 

What if you could make identity authentication and fraud detection easier for your customers, employees and business as a whole?

Voice Biometrics uses advanced technology to verify identity, authenticate callers and protect against fraud over remote channels—so your organization can secure interactions quicker, with less effort and at a lower cost.     

Analyzing the physical and behavioral characteristics of a human voice to verify claimed identities, this approach provides a robust layer of security for contact centers and other services. It also enables your business to rely less on complex passwords and knowledge-based questions, and more on tech-powered identification.

Putting Voice Biometrics to Good Use

Voice-based biometric authentication can be used to simplify and secure the customer and employee experience in a variety of scenarios, while reducing call queues, processing times and costs. 

Some use cases include:

  • Accessing mobile banking and other financial services.
  • Authenticating transactions in an IVR or with a live agent for faster, safer customer service.
  • Enabling customers and employees to reset their own passwords without calling a help desk.
  • Proof of life for pension transactions, allowing pensioners to authenticate themselves remotely without having to visit the bank or stand in queues.
  • Voice biometrics is also a powerful fraud protection tool, as it can match fraudster voiceprints to identify bad actors.

How it Works

Just like your fingerprint, the sound of your voice is unique to you. Voice Biometrics uses advanced technology to create a voiceprint for customers. This comprises the physical and behavioral patterns of the voice, including speech rhythm, speed and the way the vocal cords, mouth and nasal passages work together. Once a voiceprint has been created, customers can authenticate in the IVR for self-service, or with a live agent if preferred.

Enterprises have the option to deploy voice biometrics actively or passively. Let’s dive deeper into these two deployment options.

Active Voice Biometrics

This type of system asks the customer a specific question and they have to provide a particular phrase as the answer. Only if they use the correct phrase, in their own voice, will they be authenticated.

Active Voice Biometrics easily proves that a person is who they say they are using self-service—whether that be within an IVR, a mobile application or an enterprise software system. This approach can be used as a fraud protection tool for both employees and customers across many sectors, from banking to government services. 

Passive Voice Biometrics

Passive Voice Biometrics, as the name implies, means the voice biometric engine is passively listening to a conversation and understanding the voice characteristics of the speakers to recognize who the speakers are. This requires no specific passphrase. The engine can silently hear, interpret and determine the speaker’s identity—comparing the current voice to an originally enrolled voiceprint.

Passive Voice Biometrics is incredibly effective at authenticating customers over remote channels and even identifying fraudsters in real-time, by catching them in the act (calling into a contact center and trying to access a customer account, for example).

As voiceprints are compared in real-time, agents can take swift action, protecting customers from account takeovers and the enterprise itself from costly fraudulent transactions.

What If Criminals Synthesize Customers’ Voices?

As fraudsters evolve their techniques, there is some concern in the market that voice biometrics could become more vulnerable to a certain level of sophisticated fraud. This involves the use of synthetic voices (also known as ‘deep fakes’), which use human beings and machines to produce an artificial version of human speech.

While malicious actors may try to use synthetic voices to get around voice biometrics, it’s important to understand that synthetic speech leaves evidence – a trail that makes it easier to detect. Also, even the best deep fake sounds uncanny and not quite human. With passive authentication, the live agent will be able to distinguish synthetic speech from real human speech.

That being said, for complete peace of mind, it’s advisable to use voice biometrics as one layer of security alongside other authentication methods, so that customers are well protected.

How LumenVox Can Help

The LumenVox Voice Biometric Engine safely authenticates customers within the IVR or when talking with a live agent, in multiple languages.

LumenVox has also created a voice-based fraud detection tool—leveraging AI-driven voice biometrics—to combat contact center fraud and defend vulnerable voice channels from criminal activity with a tool that analyzes voiceprints and matches them to known fraudsters. Rather than the 7 months it takes on average to discover fraudulent transactions, LumenVox can cut that down to a matter of hours. A caller whose voice matches a fraudster voiceprint receives further investigation, so fraud analysts can act quickly to minimize loss.

Key Takeaway

For companies seeking to manage identity authentication and fraud detection in the most secure, cost-efficient and convenient way possible, LumenVox Voice Biometrics is well worth exploring.  

Ready to learn more? Download our whitepaper

Four ways LumenVox enables partners to deliver voice-enabled customer experiences

Four ways LumenVox enables partners to deliver voice-enabled customer experiences

In its top customer service predictions for 2021, Forrester Research noted: “Voice will be the channel for service as empathy takes center stage.” There is an increasing need to accelerate digital transformation for voice-enabled channels. LumenVox makes digital transformation possible with innovative voice technology. And we do that together with our partners. For over twenty years we have developed hundreds of partnerships to elevate experiences and create customers for life.

Here are four ways we support and enable our partners:

We do not compete with our partners on professional services or solution design and delivery.

LumenVox is a speech software company that sells software. We do not sell professional services, solution design or delivery. Instead, we want our partners to. Why? This maximizes their profit margins, as they are in control and knowledgeable of the investment required. It also means the sky is the limit when it comes to design. With our customizable voice technology, partners can construct the ideal voice-enabled customer experience from the ground up.

We encourage partner-to-partner relationships.

We believe our partners can drive transformational change together and build partner capabilities to create voice-enabled customer experiences that result in customers for life. We have many system integrated partners who offer a diverse set of skills. We bring our partners together to create relevant solutions for end users. The inherent nature of working together, start to finish, translates into less work for the customer, with only one signature required on one dotted line.

We offer our partners focused technical training.

We provide partners with a complimentary two half-day skills certification training, where our team of experts teach our partner’s solution design and delivery team how to create voice-enabled customer experiences and get the most out of our speech and voice recognition software. We view our partners as an extension of our team and vice versa which is why it is so important to empower them with as much knowledge as our internal speech and voice recognition experts.

These training sessions include in-depth information on how to install and configure LumenVox’ Automated Speech Recognizer, Text-to-Speech and Call Progress Analysis. Not only will our partners become experts in integrating the LumenVox speech engines, but they will also have visibility into our product roadmap, as well as early access to new versions of our software.

The LumenVox Skills Certification process consists of two parts:

  • The Skills Interview: Designed to find out more about each candidate’s experiences with, and approaches to speech application development. It is more of a free-form conversation that focuses on the candidate, rather than a formal set of requirements.
  • The Application Presentation: Candidate presents a speech application in which they have contributed to the development. We expect to see some of the documentation regarding the application (including design elements like call flow diagrams, business requirements).

Upon completion, our partners are eligible to take the LumenVox Skills Certified exam. With successful passing, we will send free licenses of our software to our partners for use in their design and delivery lab to easily create proof of concepts.

We get creative with our partners.

We are focused on the relationship, not just the sale. We do whatever we can to ensure our partners successfully sell, orchestrate, and build voice-enabled customer experiences. This includes marketing and sales enablement, creating joint campaigns for specific customer bases. Additionally, we leverage our relationship with key platform partners – Avaya, Genesys, Cisco, Aspect and others to promote the work they are doing across the market landscape.

You are in good company

Our partners are innovative, market leading, world–class companies that work together with us to improve each other’s ability to deliver high-performing, voice-enabled customer experiences securely and at scale for customers across the globe. Our approach is the difference between market leaders and market followers. Are you ready to become a LumenVox Partner? Schedule a discovery session with our partner team now.

SpinSci and LumenVox Announce Partnership for PCP (+COVID) Scheduling Application

SpinSci and LumenVox Announce Partnership for PCP (+COVID) Scheduling Application

SpinSci Technologies, an innovator in the field of patient engagement solutions, announced that they have entered a strategic partnership with LumenVox, a market leader in voice recognition intelligence solutions, to deliver key integrations with Epic, a leading provider of Electronic Health Records (EHRs). The partnership will deliver highly secure patient engagement solutions while at the same time driving a highly efficient and heightened patient experience.

The joint offering between SpinSci and LumenVox will combine SpinSci’s key integration with Electronic Health Records such as Epic and LumenVox Speech technology and Active Voice Biometric Authentication. Both companies’ technologies are tested on the CVP platform which will drive added value and speed to service for existing and new Cisco customers. The integrations will drive workflow automation.

“The digitization of healthcare is gaining huge momentum right now. LumenVox’ modular technology approach enables SpinSci to easily integrate cutting-edge Speech Recognition to improve patient experience and just as easily integrate Voice Biometric Authentication to enhance security, helping to ensure HIPAA compliance. Through this partnership we want to give practices and their patients convenience, security, and peace of mind.” said Edward Miller, Founder & CEO of LumenVox.

SpinSci Chief Executive Officer Rajit Kumar said, “Our strategic partnership with LumenVox will help drive a packaged solution for our ultimate customers, health systems and providers, which will drive patient engagement and improve their overall experience.”

About SpinSci Technologies
SpinSci Technologies was founded in 2005 and focuses on intuitive collaboration and contact center solutions and services primarily across the healthcare vertical, driving patient engagement and efficiencies. SpinSci solutions are now available on industry-leading marketplaces such as the Epic App Orchard, the Five9 Marketplace, and the Salesforce AppExchnage. SpinSci is headquartered in Dallas, Texas.

To learn more, contact us today.

How to Leverage Existing Voice Technologies to Maximize ROI

How to Leverage Existing Voice Technologies to Maximize ROI

The pandemic has transformed the way businesses operate. Technologies have been adopted at lightning speed due to increased reliance upon remote workforces. There are many voice technologies that are now must-haves, such as Automatic Speech Recognition. But are businesses and organizations using these technologies to their fullest potential?

You need to start with a basic audit—what voice technologies do you already have? How are you using them? We’ll assume you are using Automatic Speech Recognition, as it is most common, and specify how you can leverage it to maximize ROI.

  1. Are you using Automatic Speech Recognition? What are you doing with your speech data? Transcription enables visibility of this precious information. When transcription is used in conjunction with artificial intelligence, or Natural Language Processing, feeding machine-learning processes downstream, it enables customers to speak their mind, literally. This means the IVR or even chatbots can interact with customers in a more personal, efficient way, solving problems that would have required costly time with a live agent.
  2. If you are using Automatic Speech Recognition in your IVR, how have you tackled authentication? Have you considered voice biometrics? Voice biometrics creates a secure, convenient authentication process that can either happen within the IVR or with live agents. It cuts costs by reducing handle time. It raises satisfaction levels for agents and customers by removing the need for painful, lengthy interrogation processes. There are two modes of voice biometrics: Passive & Active. Passive means customers are verified through natural conversation. Active means they are prompted to speak a specific passphrase to authenticate. Either method results in higher satisfaction and compelling ROI.

The LumenVox Technology Stack is unique in its convenient licensing and add-on capabilities. With just one installation of one of our components, such as our Automatic Speech Recognizer, you can easily add licensing to incorporate any of our other technologies. With forward-thinking and access to such a flexible stack, companies can remain competitive. Step up your game and keep your customer service at the cutting-edge.

Questions about any of the LumenVox voice technologies? Contact us.

3 Ways to Improve the Agent Experience with Voice Technology

3 Ways to Improve the Agent Experience with Voice Technology

Customer experience is often highest on the priority list for businesses. But in a post-pandemic world, organizations are looking for ways to improve the agent experience as well. By raising the importance of agent concerns to the same priority level as customer concerns, organizations can dramatically improve employee satisfaction levels, optimize the efficiency of individuals, and demonstrate best care practices. These steps can also improve agent recruitment and retention. The benefits also translate into a positive customer experience. Happy agents equal happy customers.

Here are three ways to enhance and improve the agent experience with voice technology.

Challenge 1: Authentication. A renowned technology research firm, Opus Research, has “long seen zero-effort authentication as a necessity for creating trusted links between brands and their customers.”

Solution: Voice biometrics provides a convenient and secure form of authentication for customers and an effortless task for agents. There are two types of voice biometrics, Active and Passive.

Active Voice Biometrics means that the customer enrolls by repeating a set phrase. On subsequent calls, the customer speaks their passphrase, which is compared to their stored enrollment voiceprint​.

Passive Voice Biometrics means the customer is seamlessly enrolled by capturing historical or real-time audio​. Enrollment is completed by recording the customer’s unique voiceprint during an initial conversation, not a specific phrase​. On subsequent calls, customer’s conversational voice is compared to their stored voiceprint. A customer speaks with an agent and is transparently verified within the agent desktop.

It’s secure and effortless, turning a common pain point for agents into a seamless experience.

Challenge 2: Fraud. Right now, attackers are shifting from spoofing to using virtual call services since they are anonymous and untraceable. These fraudulent calls are legitimate calls that can be placed from many devices from anywhere in the world​. This allows fraudsters to bypass spoofing detection technology with numbers unrelated to a record​. Fraudsters then use social engineering on agents to grant them control over a customer’s record​.

Solution: With Passive Voice Biometrics, agents themselves can help identify fraudulent activity in real-time. If a customer’s voiceprint does not match the one on file, the agent will be alerted of the voiceprint mismatch. The agent can then pass the warning signs to the fraud department to initiate investigation—while the call is still in progress. By giving these agents greater peace of mind, and the fraud department greater resources, everyone is protected and more productive.

Challenge 3: Containment. With greater reliance upon the contact center to solve customer issues, the workload of agents rises daily. Without intelligent proactive outbound communication and robust Automatic Speech Recognition and Text-to-Speech technology, customers route to agents for menial tasks to mine information that could be accessible ahead of the need/ask.

Solution: LumenVox’ Automatic Speech Recognition and Text-to-Speech enable automated yet dynamic and personalized interactions with customers within the IVR. This improves containment and reduces Agent Handle Time, as customers gain immediate access to relevant information, often removing the need for a live agent. With the use of Call Progress Analysis, agents’ time can be spent solely on live interactions with customers. Call Progress Analysis is a novel predictive dialer technology which uses Voice Activity Detection (VAD) to quickly and accurately classify whether calls were answered by a human or a machine. With this technology as well as statistical analysis, adjustments and feedback, agents can achieve optimal performance.

Voice technology can be leveraged in a variety of ways to shave valuable minutes from each agent’s workload. This translates into benefits for the business, for the agents themselves and for customers.

Find out more about LumenVox’ complete Voice Technology Stack here.

What’s Trending: Voice Biometrics, Voice Pay & Fraud

What’s Trending: Voice Biometrics, Voice Pay & Fraud

LumenVox was recently featured in a thought leadership piece by Startup Geeks entitled, “Voice Payment Technologies: The Opportunities, Challenges and Future Trends.” It’s an interesting take by several thought leaders on the increasing popularity in voice pay.

More and more voice biometrics is coming to the forefront, not only because of its convenience but also because of its use as a robust security layer. In payment technologies, it is used instead of weak passwords or PINs, authentication methods which in this day and age have an increasingly high chance of being breached.

In general, the world is using voice to conduct searches or complete tasks. Just as consumers use speech recognition to conduct hands-free searches, voice biometrics enables a purchase from that same mobile device without any effort. Instead of tapping away on a frustrating keyboard, trying to input passwords people can’t remember, they use the sound of their own voice. That means more convenience, but with greater piece of mind, as voice biometrics is a robust security layer which is proven to reduce fraud.

Voice biometrics is a form of authentication which uses the unique behavioral and physical characteristics of a person’s voice to validate their identity. With LumenVox Voice Biometrics, we decouple any personal information from the voiceprint, so it’s not connected to anything sensitive or revealing for the consumer. It’s just a string of 1-s and 0s, which means it’s more secure because it’s anonymous on the backend.

The level of security used with voice biometrics can be tightened or loosened depending on the business use case. When it’s linked to a payment source, of course tightened is preferred. We leverage the brilliant minds behind our engineering team to work with businesses to find and implement that healthy balance (create a threshold), so consumers are getting the best of both worlds—security and convenience.

With the increase in fraud, social engineering, and large-scale attacks, it’s essential to be thinking proactively and crafting a strategy. If you’d like to learn more about how voice biometrics are being deployed across contact centers to combat fraud and seamlessly enhance the user experience, you’re invited to view the recently recorded webinar “It’s Good to Hear Your Voice Biometrics.”

Click here to learn more about LumenVox’ state-of-the-art Voice Biometrics.

Questions? Contact us today!