How ArmorVox Achieves Real-Time Fraud Detection
Angelo Gajo | October 16, 2019 | 5 minutes
Today, all organisations interact with their customers through numerous channels. Most interactions require customers to verify their identity before being provided with the service or transaction that they want. Many customer verification methods add friction to the customer journey and does not effectively prevent fraudsters from gaining access. Passwords, PINs, answers to secret questions and one-time passcodes that are sent via email or SMS do not always stop fraudsters and they often make a more difficult customer experience. Organisations can reduce this friction in all channels for legitimate customers and effectively defeat fraudsters by using Auraya’s next-generation ArmorVox engine.
ArmorVox provides organisations with the ability to identify fraudsters in real-time and prevent organisations from compromising their customers’ data. The ArmorVox voice biometric capability reduces the cost and complexity of complying with regulations such as KYC, GDPR, HIPPA and other privacy protection regulations that are becoming more stringent and more expensive for organisations to comply with.
How ArmorVox Detects and Prevents Fraud
If a fraudster has previously activated an account or carried out fraudulent transactions using the contact centre channel, then the recordings of those calls can be used to create ‘known or suspected fraudsters’ voiceprints. This database of fraudster voiceprints is the first step in defeating the fraudsters that attack your organisation.
Legitimate customers can elect to have their voiceprint created from historical call records or they can enrol a voiceprint when they next interact with the organisation whether it’s on a website, smartphone app, or when they next call the contact centre. When legitimate customers enrol their voiceprint, the organisation can cross-match their voice with other records to ensure that the new voiceprint does not match a different customer or a suspected fraudster. This process helps to keep fraudsters off your legitimate customer list.
Any interactions from customers that have an enrolled voiceprint are both friction-free and effectively safe from fraudsters. Customers are not required to remember their passwords or PINs and more importantly, they don’t need to disclose personal information to obtain access to their account. Transactions that need to be authorised by the account holders can be safely and securely authorised by asking the customer to say a unique digit string displayed on the screen of a smartphone or computer. This process creates a Non-Repudiable digital signature that is unique for that specific transaction. The same process is achieved in the contact centre by asking the customer to say a random number whilst in the IVR or just conversing with the call centre agent.
Any interaction with a potential or existing customer without an enrolled voiceprint can be checked against the fraudsters list. If the person trying to activate an account or complete a transaction matches a known fraudster, then business rules can be put in place to ensure the system doesn’t allow a fraudster to impersonate a legitimate customer. Customer onboarding processes can also check to make sure the same voice isn’t being used to open multiple accounts with different identities.
Further, ArmorVox fraud detection solutions use advanced AI algorithms to prevent fraudsters using a recording of legitimate customers or synthetic voice generators to try and hack the system. The world-leading AI technology scales to allow real-time fraud detection and prevention for even the largest organisations in the world using Amazons elastic cloud service.
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