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Contact Solutions’ Adaptive Fraud Prevention Solution Provides Multi-Layered, Proactive IVR Based Fraud Management for Contact Centers - Comprehensive Fraud Detection and Prevention in the IVR with Strategic Partners IDology and Pindrop Security - ContactSolutions.com / PindropSecurity.com / IDology.com
Contact Solutions’ Adaptive Fraud Prevention Solution Provides Multi-Layered, Proactive IVR Based Fraud Management for Contact Centers

 

NewswireToday - /newswire/ - Atlanta, GA, United States, 2014/12/10 - Comprehensive Fraud Detection and Prevention in the IVR with Strategic Partners IDology and Pindrop Security - ContactSolutions.com / PindropSecurity.com / IDology.com.

   
 
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Payment processors, card program managers, and large financial service institutions now have a new way to fight fraud. Adaptive Fraud Protection, available today from Contact Solutions, is a multi-layered, proactive fraud management solution that recognizes and stops fraudsters and nuisance callers before they create havoc in the contact center, while improving overall authentication processes and the customer experience.

Provided within Contact Solutions’ Interactive Voice Response (IVR) service, Adaptive Fraud Protection results from a strategic partnership among Contact Solutions, a leading provider of effortless and sustainable cloud-based customer care solutions improved by business intelligence, IDology, a leading provider of identity verification and fraud prevention solutions, and Pindrop Security™, a leading provider of comprehensive solutions to protect financial services companies and their phone users from account takeover, social engineering, and other attacks.

Fraudsters today conduct sophisticated, multi-pronged attacks on the enterprise. They use IVRs for surveillance and data-gathering as a precursor to phishing with agents that can eventually lead to account takeover. The impact to the liable institution and to the customer increases downstream after transactions occur, when current fraud solutions detect suspicious activity, so it’s important to detect and deter fraudsters as early in the process as possible.

Every month, a typical medium-sized contact center can get more than a thousand fraudulent calls that go undetected until fraud actually occurs. With Adaptive Fraud Prevention, financial institutions can detect and act on suspicious upstream activity in the IVR in real time before account takeovers occur and customers are impacted by fraudulent activity in their accounts. This avoids a negative experience that can drive away customers and gives enterprises a new way to control security breaches and gain consumer trust. This unique offering combines capabilities from all three strategic partners:

• Contact Solutions’ Red Flag detection uses adaptive technology in the IVR to detect and tailor appropriate responses to suspicious activity or high risk ANIs using real-time analytics in the IVR platform,
• IDology’s ExpectID® IQ integrated directly with the IVR provides automated dynamic knowledge-based authentication (KBA) in which responses are verified in real time in the IVR to instantly authenticate the caller, for best IVR call disposition providing increased automation that improves cost savings.
• Automatic Number Identification (ANI) analysis from Pindrop Security’s powerful Phone Reputation Service™ (PRS) integrated with the IVR enables a seamless process to recognize and prevent the probing activity and eventual account take-over by using real-time action in the IVR to disposition calls stopping fraud with less burden to the enterprise.

“Fraudsters are actively engaged to attack even the most secure systems and controls, with odds in their favor if no one is watching. Stopping fraudsters in their tracks by adapting to their changing patterns of behavior is part of our business. Contact Solutions has been successfully addressing fraud risk for programs with millions of card holders for many years. Our Adaptive Fraud Prevention Solution is based on an IVR specific threat matrix developed with industry experts, and validated through data mining” said Michael McShea, SVP, Marketing and Product Management, Contact Solutions. “Through strong partnerships with industry leaders IDology and Pindrop Security, we now have the ability to deliver more powerful fraud prevention in the IVR that benefits contact center operations, fraud managers, and our clients’ bottom line.”

Adaptive Fraud Prevention helps organizations:

• Discreetly detect and stop probing activity in the IVR;
• Provide heightened authentication for high risk automated transactions;
• Reduce fraud losses and prevent account takeover;
• Adapt and respond to changes in fraud patterns.

“With identity theft, account takeovers, and phone fraud on the rise, customers are more at risk to falling victim to fraudulent attacks, and organizations are more focused on prevention and management than ever before,” said Christina Luttrell, SVP of Product, Marketing & Client Solutions, IDology. “IDology has proven time and again that Knowledge Based Authentication, through a series of dynamically generated out-of-wallet questions, serves as one of our clients’ best defenses to stop fraud. Providing KBA and our fraud prevention platform through Contact Solutions’ adaptive IVR provides an easy integration path and reduces call center costs through automation resulting in an effective customer service experience.

“One out of every 2,900 calls to a financial institution call center is fraudulent.” said Greg Adams, VP of Product Management, Pindrop Security. “Recognizing and stopping fraudsters before they create havoc in the contact center is the power behind our Phone Reputation Service™ (PRS). Integrating PRS within Contact Solutions’ IVR allows us together to dynamically and seamlessly catch fraudsters before they impact your customers and stop them in their tracks with real-time call flow modifications in the IVR. This partnership creates an easier, layered approach that increases security while improving service to our clients.”

About Contact Solutions
At Contact Solutions (contactsolutions.com), we believe customer care should be effortless for the customer and sustainable for the enterprise. Our cloud-based, voice and mobile customer care solutions reduce effort through highly personalized self-service and agent-assisted experiences, provided at the convenience of the customer. We use business intelligence to continually improve and optimize customer care so enterprises can achieve superior results at sustainable cost, while adapting quickly to rapidly changing customer demands.

About IDology, Inc.
IDology, Inc. (idology.com) provides innovative technology solutions that verify an individual’s identity and/or age for organizations operating in a customer-not-present environment. The IDology platform serves as a collaborative hub for monitoring and stopping fraudulent activity across the entire network while also driving revenue, decreasing costs and meeting compliance regulations. Founded in 2003, IDology offers a solution-driven approach to identity verification and fraud prevention, providing streamlined processes that ultimately help increase customer acquisition and improve the overall customer experience. IDology has developed an on-demand technology platform that allows customers to control the entire proofing process and provides the flexibility to make configuration changes that are deployed automatically without having to rely on internal IT resources or IDology’s customer service so customers can stay ahead of the fraud landscape while also maintaining compliance.

About Pindrop Security
Pindrop Security (pindropsecurity.com) provides solutions to protect enterprise call centers and phone users. Pindrop’s solution combines authentication and anti-fraud detection technology to verify legitimate callers while detecting malicious callers. Pindrop’s unique Phoneprinting™ technology is the first of its kind to analyze and fingerprint individual phone calls, providing the caller’s true location and calling device and matching them to Pindrop’s fraud database. Named SC Magazine 2013 Rookie Security Company of the Year, a Gartner “Cool Vendor” in Enterprise Unified Communications and Network Services for 2012 and one of the 10 Most Innovative Companies at the 2012 RSA conference, Pindrop Security’s solutions restore enterprises’ confidence in the security of phone-based transactions.

 
 
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Contact Solutions’ Adaptive Fraud Prevention Solution Provides Multi-Layered, Proactive IVR Based Fraud Management for Contact Centers

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IDology, Inc. | Contact Solutions
Publisher Contact: Press Office - IDology.com 
866-520-1234 marketing[.]idology.com
 
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