Fighting Fraud and Delivering Frictionless Customer Experience in the Contact Centre, Abhinav Anand, Chief Product Officer at Smartnumbers.
Abhinav provides an excellent quantified review of the role Smartnumbers plays in call center fraud and authentication. For inbound calls they are in the signalling path and use over 200 parameters in their machine learning model. Gathering data beyond signalling using behavioural models and fraud consortium data. From that, their model produces a score and reason for that score. Which the call center uses in how the call is answered.
The challenges Smartnumbers addresses are:
- Fraud Prevention (stopping the cheats)
- Telephony fraud. For example, fraudsters use the IVR to validate customer information, such as recent transactions, which is then used to conduct fraud through other channels.
- Card fraud. Catch and release, fraudsters contact the bank to clear blocked fraudulent payments.
- Scams/APP (Authentication Push Payment) fraud. Fraudsters trick their victims into believing that they are their bank. The techniques such as spoofing of emails and SMS messages. Capturing their login information. The are also cross-channel and cross-bank scams, it’s amazing how creating criminals can be in discovering ways to cheat banks systems.
- Caller authentication (helping customers get what they need faster, as well as saving time / costs)
- IVR self-service
- Reduce Average Handling Time
- Improve caller experience
The impact Smartnumbers has on fraud is impressive. Out of all incoming calls, about 0.2% are suspect, and they achieve 50% net new fraud caught by Smartnumbers on top of layered fraud defences.
The size of the UK fraud market, which is likely underreported is 1.8 billion GBP; with card and APP fraud dominating those numbers.
Abhinav also provides some great quantification on the authentication impact, such as IVR containment saving 3.50 GBP per call. That is when the confidence is high on the call, additional IVR options can be provided. And Agent Acceleration of 0.13 GBP per call.
Thank you Abhinav for some great insights and quantification of the impact Smartnumbers has in fraud prevention and caller authentication for its call center customers.
Slideshare is having difficulties today, here’s a direct link to Abhinav’s slides.