NICE Systems' Real-Time Fraud Prevention Is a Triple Threat in the Contact Center

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NICE Real-Time Fraud Prevention is driven by the NICE Engage Platform, which uses real-time streaming and analytics to match calls against a watch list and detect known fraudsters. If a call is suspicious, contact center agents are alerted and provided with real-time guidance about how to proceed. A suspicious call can be halted or forwarded to a fraud queue and assessed by a team of risk professionals using NICE's Actimize Enterprise Risk Case Manager solution.

As an example of how the system works, the first time a caller into a bank mentions that her grandmother died may be an indication of heightened risk. Following that, the caller might say she needs her grandmother's account number to settle her estate. That request is processed by desktop analytics in the form of a window screen in the CRM application. These two things happening simultaneously could indicate a risk that's high enough to alert someone to fraudulent activity in real time. The transaction can be stopped or the agent might be advised to add additional steps, for instance, telling the caller that she needs to visit a local bank branch and bring identification.

"Using multiple modalities like this allows us to screen all interactions and look for suspicious activities," Storm explains. "There are enough fraudulent activities now that carry out specific activities right then in real time—for example, resetting a password or changing an address—and for the fraudsters, it becomes a portion of the overall fraud tactic."

NICE's speech analytics solution can be used to search and compile data involved with fraudulent calls. Storm says that often fraudsters use very similar stories, phrases, and tactics over and over. Once those characteristics are detected through speech analytics, contact centers can build a known watch list.

"Fraudsters are becoming much more sophisticated today," Storm says. "The best way to way to get on top of [fraud] is detecting who they are. The mechanisms that are in place today to prevent fraud are extremely cumbersome. Voice biometrics offers a whole other realm for the customer because it eliminates the extra hurdles that they have to go through and they are being authenticated in a much more seamless way."


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