Nuance Biometrics Saved Enterprises $1B in Fraud in 2018
March 21 2019 - 8:00AM
Nuance Communications, Inc. (NASDAQ: NUAN) today announced
biometrics-based Nuance Security Suite saved organizations more
than $1 billion in total fraud costs in 2018 while enabling an
easier, frictionless way for customers to validate their identities
and access service.
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.
In less than one year, RBS has screened 17 million inbound calls
with Nuance Security Suite. Of these, 23,000 have led to alerts,
and the bank has found that one in every 3,500 calls is a fraud
attempt. “The ROI from the tool is well over 300%, so as payback
our technology deployment has been very impressive,” Costain
added.
As consumers are getting more comfortable with biometric
identification and organizations look for innovative ways to
authenticate, adoption of Nuance Security Suite is growing at a
rapid rate. Recent deployments include Lloyds Banking Group, Allied
Irish Bank, Deutsche Telekom, Rakuten Life Insurance and RBS Group.
In addition to curbing fraud, Nuance biometrics decreases the
overall time agents spend resolving customer queries, with one
multinational financial services firm reducing agent handle time by
89 seconds after deploying the product.
“Our customers come to us not only wanting to make their
authentication process more convenient for customers but perhaps
more importantly to evolve their contact center security strategy.
Our approach is unique in that our algorithms can not only identify
and validate individuals by their voice, but also understand what
types of conversation patterns fraudsters typically use. That’s
powerful when you consider how much money is lost due to fraudulent
account access each year, whether through traditional phone
channels or in complex cross-channel attacks,” said Brett Beranek,
General Manger, Security Business, Nuance Enterprise.
Nuance technology is being implemented by more than half of the
world’s largest financial institutions today, and 8 of the 10
largest global telecommunications companies. Over 400 million
consumers make more than 8 billion successful authentications
yearly using Nuance biometrics.
For more information about Nuance Security Suite and customer
ROI visit:
https://www.nuance.com/omni-channel-customer-engagement/security/whats-new.html
About Nuance Communications, Inc.
Nuance Communications, Inc. (NASDAQ: NUAN) is the pioneer and
leader in conversational AI innovations that bring intelligence to
everyday work and life. The company delivers solutions that can
understand, analyze and respond to human language to increase
productivity and amplify human intelligence. With decades
of domain and artificial intelligence expertise, Nuance
works with thousands of organizations – in global industries that
include healthcare, telecommunications, automotive, financial
services, and retail – to create stronger relationships and better
experiences for their customers and workforce. For more
information, please visit www.nuance.com.
Trademark reference: Nuance and the Nuance logo are registered
trademarks or trademarks of Nuance Communications, Inc. or its
affiliates in the United States and/or other countries. All other
trademarks referenced herein are the property of their respective
owners.
Contact Information
For PressNuance Corporate CommunicationsKatie Byrne
Katie.byrne@nuance.com
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