There are three key issues on credit unions’ minds right now: Fraud, operations, and member experience. Fraud is a rising issue due to uncertain economic times. Operational efficiencies are a high priority because the contact center is now being inundated with calls—time, more than ever, is money. Member experience is always at the top of the priority list because it inspires every roadmap.
Is there a solution that can address all three?
There is. Passive Voice Biometric Authentication effortlessly authenticates members over the phone during the natural course of conversation with an agent. Members register their voiceprint, and on subsequent calls, their voice is matched to this unique identifier, giving the agent a green light when the identity claim is genuine and a red light when a fraudster is attempting an account takeover. This solution addresses these areas with these three key strategies for credit unions to tackle the following:
Passive voice biometrics, including fraudster detection, is a layer of security that seamlessly works with humans to prevent mistakes that often go unnoticed today. When a call comes in, the caller’s voice is compared to the voiceprints of known fraudsters. The agent is alerted and coached from there to take evasive action.
Reduce Agent Handle Times. Agents dread the first few minutes of every call. With LumenVox Passive Voice Biometric Authentication they can start solving the caller’s problem with confidence, verifying identity within seconds, not minutes. LumenVox Passive Voice Biometric Authentication results in reducing AHT by 30 – 60 seconds per call. This drives cost out of the contact center and improves your bottom line.
According to a study by Salesforce, 84% of customers say the experience a company provides is as important as its products or services. Voice biometrics enable your credit union to give your members a positive authentication experience, from the very beginning of the call. With LumenVox Passive Voice Biometric Authentication the member can be authenticated while speaking comfortably and naturally to an agent, reducing the need for a long line of interrogative questioning. Contact centers with passive voice biometrics start by asking their customers “How are you today?” instead of “Who are you, and are you who you say you are?”
Passive Voice Biometric Authentication is available today. Interested in learning more? Watch the short video on this page and contact us today!
COVID-19 is redesigning the way we go about daily life. Avoiding unnecessary interactions means customers must find alternative modes of communication with businesses, including financial institutions.
Banks and credit unions are encouraging customers to utilize online, mobile and phone financial channels to complete transactions. This increased reliance on remote channels raises the risk of criminal activity. The US government has already noted a spike: The Federal Trade Commission issued a warning concerning COVID-19 scams.
Institutions must have mechanisms in place to detect fraudulent activities and stop it in its tracks, before it’s too late. LumenVox Fraud Scanner is a voice-based fraud detection tool that’s an easy and inexpensive way to combat contact center fraud.
- On average it takes 7 months to discover fraudulent transactions. Fraud Scanner can cut that down to a matter of hours.
- Fraud Scanner is fast to deploy in any environment.
- LumenVox provides the configuration services.
- Fraud Scanner is put into action, catching fraudsters using voice biometrics.
- Fraudulent transaction loss reductions can start immediately, improving your bottom line.
Fraud Scanner matches caller audio against known or suspected fraudster voiceprints. A caller whose voice matches a fraudster voiceprint receives further investigation, so fraud analysts can determine if the call is legitimate or if a fraudster is preying upon a customer account.
Fraud analysts can compare a specified set of audio recordings against a single watchlist or multiple watchlists. These batch processes can occur in near real-time, either hourly or daily, depending on your requirements and abilities.
We want you to be on the offensive. The best way to do that is to start with a simple conversation, where we can address feasibility, business case and resource requirements.
Start a conversation with us today.
Passive Voice Biometrics is Emerging as a Leading Authentication Modality for Remote Channels
Authenticating customers over remote channels is often a painful process. The first few minutes of the call can be rough, as the customer can’t self-service, but must engage directly with an agent, answering repetitious personal questions. There are inherent risks, too: An agent can ask for sensitive information, but what if that information is in fraudulent hands?
Businesses that deal with large volumes of faceless customers are seeking an authentication method that boosts security and creates a seamless interaction. Passive voice biometrics does just this, mitigating risk while eliminating effort.
Passive voice biometrics verifies a caller’s claimed identity by first enrolling a customer’s voice, quietly, in the background of a routine call with an agent. The biometric engine picks up details the human ear can’t—including pronunciation, rhythm, and speed of the voice. These subtleties caught by the biometric engine are used to create a unique identifier, a voiceprint, which is just as unique as a fingerprint. This voiceprint is then matched against that same customer for each new, incoming call.
In contrast to active voice biometrics, passive is text-independent, which means the caller’s voiceprint is not correlated to a specific phrase. Instead, the voiceprint is correlated to that customer’s voice in natural conversation. There is no explicit effort by either party. The technology does the heavy lifting. This results in reduced agent handling times and a significant Return on Investment.
On a broader scale, passive voice biometrics is more secure than other authentication methods: The customer can’t forget or misplace his/her own voiceprint. A fraudster can’t hack it. Passive empowers contact centers to be one step ahead of any malicious activity. A mismatched voiceprint can immediately trigger guidance for agents to ensure early fraud detection.
LumenVox recently announced an upgrade to the biometric authentication suite, Version 8. This upgrade includes a core authentication engine with new passive voice integration which enables automated fraud detection.
Want to learn more about LumenVox Passive Voice Biometric Authentication face to face? Look for us at Call and Contact Centre Expo in London, March 18-19, stand 2061, where we”ll be talking to attendees directly about our solutions. Also, be sure to join us on March 18 at 11:45 am in Theatre 10 where we’ll be presenting “Using Voice Biometrics in the Contact Center: A Primer.” Come say hi!
At LumenVox we have big plans for 2020. The release of our Version 8 Suite takes advantage of years of development, testing, and expertise. With more customer conveniences and improved user interfaces, it enables a variety of multi-modal solutions.
Our passionate engineers and industry experts could go on and on, but here are a few major highlights that propel this Version 8 Suite forward:
We made sure to incorporate a new core competency, passive voice biometrics. Our passive engine is based on cutting-edge, Deep Neural Network technology, and is faster and more sophisticated than ever before. The incorporation of DNNs enables automated fraud scanning, so that your business can protect and defend your customers with less effort and greater accuracy.
We focused on your biggest issue: Fraud. Our experts spent countless hours improving LumenVox’ Fraud Scanner, which enables your team to spend less time worrying about fraudsters so they can put that energy into caring for real customers. Fraud Scanner provides fraud alerts and automatic matching of voiceprints against a carefully curated fraudster watchlist. It works 24/7 so the fraud team doesn’t have to – utilizing continuous enrollment, verification adaptation and enrichments of voiceprints to quickly identify suspicious actors.
We took your biggest ask and made it a reality: A brand new Agent Desktop Portal with an increasing set of functionalities, including continuous enrollment and verification; enrollment over multiple calls; enrollment consistency check; voiceprint enrichment; customer selection and addition; real-time watch listing; audio reset and speaker change.
We made sure to do some housekeeping: There are bug fixes and updates for 7.2 password reset system including major improvements on mobile apps and windows pre-login application; language pack and workflow installers. Version 8 is sleeker and smoother.
Version 8 capitalizes upon years of experience and expertise to deliver a more total solution so you can easily improve the customer experience. Ready to learn more about how Version 8 can work best for your business? Don’t be shy. Click here to talk to one of our representatives.
To view our official Version 8 announcement click here.