Nuance tech saves $1bn in fraud
25 March 2019 17:50 GMT

Nuance Communications has announced biometrics-based Nuance Security Suite saved organizations more than $1 billion in total fraud costs in 2018.

Fraud in enterprise contact centers has always been a challenge to manage, but with the explosion of digital channels, organizations today are faced with securing an increasingly complex ecosystem. At the same time, fraudsters are getting more sophisticated, working through networks and social engineering their way into accounts to commit intricate, devastating crimes – using information they obtain through one attack to gain access to other accounts a given person may own. Javelin Strategy & Research reports that account takeovers (ATOs) tripled over the past year, resulting in $5.1B in losses and a CFCA report said the telco industry was hit with nearly $30B in fraud losses last year.

Nuance Security Suite helps enterprises thwart omni-channel fraud through a layered offering of artificial intelligence technologies, including voice and behavioral biometrics, intelligent channel, geo and network detectors and ConversationPrint™ and DevicePrint algorithms. Together these technologies can identify legitimate customers through the sound of their voice, location, device and the way they talk, tap and type – flagging when a call or online interaction is likely fraudulent by analyzing typical conversation patterns, voice characteristics and other aspects of a communication, identifying perpetrators whose profiles do not match those of a given customer.

“With Nuance voice biometrics, we get a clearer view of customer and fraudster behavior, so we can keep genuine customers protected and take the fight to the criminals who are targeting their accounts,” said Jason Costain, Head of Fraud Strategy and Relationship Management, RBS Group.