• December 10, 2014

Contact Solutions, IDology, and Pindrop Security Team Up to Cut IVR Fraud

Contact Solutions, a provider of cloud-based customer care solutions, has partnered with IDology, a provider of identity verification and fraud prevention solutions, and Pindrop Security, a provider of comprehensive solutions to protect financial services companies and their phone users from account takeover, social engineering, and other attacks, to offer a multi-layered, proactive fraud management solution that recognizes and stops fraudsters and nuisance callers before they create havoc in the contact center.

Together, the three firms have created Adaptive Fraud Protection, which is now provided within Contact Solutions' interactive voice response (IVR) service.

Fraudsters today can use IVRs for surveillance and data-gathering as a precursor to phishing with agents that can eventually lead to account takeover. Every month, a typical midsized contact center can get more than a thousand fraudulent calls that go undetected until fraud actually occurs. With Adaptive Fraud Prevention, financial institutions can detect and act on suspicious upstream activity in the IVR in real time before account takeovers occur and customers are impacted by fraudulent activity in their accounts.

This unique offering combines the following capabilities from all three strategic partners:

  • Contact Solutions' Red Flag detection uses adaptive technology in the IVR to detect and tailor appropriate responses to suspicious activity or high-risk automatic number identifications (ANIs) using real-time analytics in the IVR platform.
  • IDology's ExpectID IQ integrated directly with the IVR provides automated dynamic knowledge-based authentication (KBA) in which responses are verified in real time in the IVR to instantly authenticate the caller.
  • ANI analysis from Pindrop Security's Phone Reputation Service (PRS) integrated with the IVR enables a seamless process to recognize and prevent the probing activity and eventual account take-over by using real-time action in the IVR to disposition calls.

"Fraudsters are actively engaged to attack even the most secure systems and controls, with odds in their favor if no one is watching. Stopping fraudsters in their tracks by adapting to their changing patterns of behavior is part of our business. Contact Solutions has been successfully addressing fraud risk for programs with millions of card holders for many years. Our Adaptive Fraud Prevention Solution is based on an IVR specific threat matrix developed with industry experts, and validated through data mining" said Michael McShea, senior vice president of marketing and product management at Contact Solutions, in a statement. "Through strong partnerships with industry leaders IDology and Pindrop Security, we now have the ability to deliver more powerful fraud prevention in the IVR that benefits contact center operations, fraud managers, and our clients' bottom line."

Adaptive Fraud Prevention helps organizations to do the following:

  • Discreetly detect and stop probing activity in the IVR;
  • Provide heightened authentication for high risk automated transactions;
  • Reduce fraud losses and prevent account takeover; and
  • Adapt and respond to changes in fraud patterns.

"With identity theft, account takeovers, and phone fraud on the rise, customers are more at risk to falling victim to fraudulent attacks, and organizations are more focused on prevention and management than ever before," said Christina Luttrell, senior vice president of product, marketing, and client solutions at IDology, in a statement. "IDology has proven time and again that Knowledge Based Authentication, through a series of dynamically generated out-of-wallet questions, serves as one of our clients' best defenses to stop fraud. Providing KBA and our fraud prevention platform through Contact Solutions' adaptive IVR provides an easy integration path and reduces call center costs through automation resulting in an effective customer service experience.

"One out of every 2,900 calls to a financial institution call center is fraudulent." said Greg Adams, vice president of product management at Pindrop Security, in a statement. "Recognizing and stopping fraudsters before they create havoc in the contact center is the power behind our Phone Reputation Service (PRS). Integrating PRS within Contact Solutions' IVR allows us together to dynamically and seamlessly catch fraudsters before they impact your customers and stop them in their tracks with real-time call flow modifications in the IVR. This partnership creates an easier, layered approach that increases security while improving service to our clients."

CRM Covers
for qualified subscribers
Subscribe Now Current Issue Past Issues