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TO CATCH A THIEF: DETECTING AND COMBATTING FRAUD WITH NICE

In the United States alone, over 10 million people fall prey to identity theft each year. Usually, it is an unexpected item on a credit card billing or account statement that reveals the crime. But by then, it's too late for the account holders, card-owners, credit card companies, and insurers who must "foot the bill" to the tune of tens of billions of dollars. The devastation can take a personal toll too, as victims negotiate the long hard road back to re-establishing good credit.

With identity theft on the rise, credit card companies, banks and other organizations are turning to technology, such as transaction-based systems that track activity on an account, to spot suspicious activity. But these solutions are not foolproof, nor are they the only panacea when it comes to detecting fraud.

Getting "NICE" on fraud
There's one thing that legitimate customers and fraudsters have in common. They both do "business" over the phone - whether it's opening a new account, ordering the latest gadget, or conducting any one of a myriad of transactions.

Now NICE is joining in the fight against identity theft with a new patent pending fraud detection capability (in NICE Perform) that uses advanced interaction analytics to detect fraud over the phone. NICE Perform is the only full end-to-end solution that can actually capture, evaluate and analyze phone interactions. The result - fraud can be detected early on, in most cases before the fraudster has the chance to do real damage.

Catching the thief: voice biometrics holds the key
Just as your fingerprints are yours and yours alone, your voice is unique too. Think of your voice as your audio signature. Collectively, the tone, pitch, cadence and frequency of your voice (your voiceprint) define you. Voice biometrics recognizes these unique characteristics of the individual human voice.

NICE's fraud detection solution uses voice biometrics to identify whether a specific speaker is actually who he or she claims to be. Using fraud detection, suspicious activity can be immediately detected, and the organization immediately alerted.

NICE stops fraud dead in its tracks
One way NICE's fraud detection solution detects fraud is by using a caller's previously recorded voice interactions to develop a voice biometric profile (voiceprint). That unique voiceprint can then be compared to the speaker's voice each and every time the speaker calls again. If the voiceprints don't match, the fraud system detects the discrepancy. Such high-risk calls are detailed on reports which can be accessed by or emailed to members of the company's fraud-fighting team.

Red-flagging fraudsters: the fraudster database
Organizations can also use the NICE fraud detection solution to build a database of known fraudsters, or a "black list" as it's otherwise called. If someone on the black list calls and attempts to perpetrate fraud again, that person is immediately identified and red flagged, and the fraud is stopped dead in its tracks.

Another nice thing about the NICE solution is that it's completely configurable. Contact centers can specify on which types of interactions they want to perform interaction analytics - for example, calls to open a new account, change an address, request a higher credit limit and so on. CTI data, business data, speech events (word spotting, emotion detection), agent screen data, etc., can be used to "tell" the fraud system which calls to analyze.

NICE fraud detection is good news for account holders, card-owners, credit card companies, and insurers and bad news for fraudsters. Learn how you can put NICE fraud detection to work in your contact center. Email Welcome@Nice.com or call 888-217-0593.

To learn more you can also read Nancy Jamison's recent article in Speech Technology magazine: "Innovations: Speech Technology with Impact; Speech Analytics Evolves a Step Further." Visit www.speechtechmag.com/issues/9_10/cover/12053-1.html.