NICE Systems to cut fraud losses using Voice Biometrics

To secure the contact centres against fraudulent callers, protect customers and reduce fraud losses, NICE Systems has announced that a financial institution has deployed its Contact Centre Fraud Prevention solution. This solution based on voice biometrics technology will help the financial institution to focus its efforts and resources on high-risk interactions.

The system is detecting fraudulent calls on a daily basis and as a result is saving the organization tens of thousands of dollars in fraud losses every day.

All interactions are cross-referenced with a suspicious watch list of known fraudsters and given a risk score. Those that are “highrisk” create alerts and undergo further investigation via the NICEActimize Enterprise Risk Case Manager as part of the full fraud case management lifecycle.
Being selected by one of the leading financial institutions underscores our position as innovators in this field, which stems from our combined contact centre expertise and that of NICE’s financial crime and compliance business (NICEActimize) in fraud prevention. And, as more and more organizations recognize the vulnerability of their contact centres to sophisticated fraudsters, we believe that the demand for our fraud prevention platform, which incorporates multiple fraud detection technologies, will continue to grow, said Barak Eilam, President, NICE Americas.

The NICE solution is fully integrated with the institution’s existing NICE Interaction Management platform. The system also leverages the NICE Fraud Prevention platform, which includes multi-layered analytics capabilities and is designed to seamlessly integrate future technologies for the most comprehensive fraud detection abilities.