Verint Identity Authentication and Fraud Detection - Short Review

Product Overview: Verint Identity Authentication and Fraud Detection

Verint Identity Authentication and Fraud Detection is a sophisticated solution designed to enhance customer security, reduce fraud, and improve the overall customer experience in contact center environments. Here’s a detailed look at what the product does and its key features:

Purpose and Functionality

This solution leverages advanced voice biometrics to authenticate callers and detect potential fraudsters, ensuring a secure and efficient interaction between customers and contact center agents. The primary goals are to facilitate a frictionless authentication experience for legitimate customers while effectively identifying and preventing fraudulent activities.

Key Features

1. Voice Biometrics

• The solution uses unique voiceprints, digital representations of a person’s voice, to authenticate callers. This method is highly accurate, with accuracy levels in the high 90 percentile.

2. Real-Time Authentication

• Voice biometrics are used to passively screen calls in real-time, comparing the caller’s voice to a database of known customer and fraudster voiceprints. This process occurs without disrupting the customer experience for legitimate callers.

3. Multi-Layered Approach

• In addition to voice biometrics, the solution incorporates telephony analytics, self-service behavioral analytics, and meta-data analysis to provide a comprehensive approach to fraud detection. This includes assessing various data factors such as call frequency, phone number analysis, and behavioral patterns to determine the likelihood of fraud.

4. Dual Screening

• The solution performs dual screening for both identity authentication and fraud detection. It can identify legitimate customers and detect potential fraudsters simultaneously, ensuring both security and efficiency.

5. Passive Enrollment and Verification

• Customers can be passively enrolled by generating voiceprints from their interactions with agents, eliminating the need for additional actions or passphrases. Subsequent calls are then verified against these voiceprints to quickly confirm identities.

6. Enhanced Customer Experience

• By minimizing or removing the need for multiple security questions, the solution reduces customer frustration and interaction time. This allows agents to address customer inquiries or issues more swiftly.

7. Cost and Time Efficiency

• The solution helps reduce average agent handle time and contact center costs. It also translates into large annual savings by streamlining the authentication process and reducing the time spent on security questions.

8. Integration and Flexibility

• Verint Identity Authentication and Fraud Detection can be easily integrated into existing Verint call recording environments or installed as a standalone solution. It shares a unified navigation, administration, and user interface with other Verint workforce optimization solutions, making deployment and training efficient.

9. Security Measures

• To prevent potential fraudsters from enrolling in the system, the solution includes a “cooling-off” period after automatic enrollment, during which customers are notified of their enrollment via mobile device/SMS or another method.

Benefits

• Improved Customer Experience: Reduces customer effort and frustration by eliminating lengthy security question processes.
• Enhanced Security: Effectively identifies and prevents fraudulent activities using advanced voice biometrics and multi-layered analytics.
• Operational Efficiency: Reduces average handle time and contact center costs, leading to significant annual savings.
• Comprehensive Protection: Combines voice biometrics with sophisticated data science capabilities to provide robust fraud detection and prevention.

Overall, Verint Identity Authentication and Fraud Detection is a powerful tool that balances the need for robust security with the importance of a seamless and efficient customer experience.