A Mounting Coronavirus Challenge: Securing Financial Institutions from Fraud

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.