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TheStreet Open House

Leading Financial Institution Uses NICE Contact Center Fraud Prevention Solution To Protect Customers And Reduce Fraud Losses

RA'ANANA, Israel, September 11, 2013 /PRNewswire/ --

NICE Systems (NASDAQ: NICE) today announced that a leading financial institution has deployed NICE's Contact Center Fraud Prevention solution to better secure one of its contact centers against fraudulent callers. This unique solution, based on voice biometrics technology, enables the institution to identify fraudsters and reduce fraud losses without creating service hurdles for legitimate customers.

Results of the implementation have demonstrated high levels of accuracy in identifying fraudsters, with false positive rates significantly below accepted industry standards. 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.

Voice biometrics allows the financial institution to identify fraudulent interactions based on the caller's unique voice print. This technology was developed to tackle the rising phenomenon of fraud in contact centers, a result of attacks by sophisticated fraudsters who are more adept at using information from social networks and identity theft to manipulate customer service agents and to bypass traditional caller verification techniques.

All interactions are cross-referenced with a suspicious watch list of known fraudsters and given a risk score. Those that are "high risk" create alerts and undergo further investigation via the NICE Actimize Enterprise Risk Case Manager as part of the full fraud case management lifecycle.

The NICE Actimize Enterprise Risk Case Manager is a cross-enterprise tool, which helps organizations proactively address risk issues using a central platform for holistic case and alert management, robust investigations, and automated regulatory and management reporting. Enterprise Risk Case Manager consolidates information from any existing detection systems into a single, user-friendly application. With the ability to integrate all alerts from across the organization - branches, ATM, website, and contact center - the financial organization is now able to see the full picture of high-risk activity.

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