Since the theft of personal information is more commonplace than it used to be, businesses cannot safely rely on using individual security questions to distinguish legitimate customers from fraudsters during voice interactions. At the same time, customers also expect faster interactions – security questions tend to be annoying, are often forgotten and may take a significant amount of time to go through and answer (increasing interaction cost). This creates a need for businesses to improve their authentication processes to not only enhance the customer experience but also to decrease their exposure to security risks.
How does voice authentication work?
Improve the customer experience
- Increase the likelihood of a faster resolution by eliminating the need for customers to answer security questions before they are able to get assistance.
- Instant authentication reduces the customer effort associated with interacting with your business.
Reduce interaction costs
- Voice authentication happens in the background of a call and in a few seconds, while security questions can take much longer to answer. This reduces the average handling time (and associated costs) significantly.
Mitigate organisational risk
- Reduce your business’ exposure to risk by proactively identifying potentially fraudulent activity before it occurs.
Customers do not need to repeat pre-defined phrases in order to enrol with the authentication application.
- Use historic recordings to enrol customers and reap the benefits of biometric authentication and fraud detection immediately.
Known fraudster database
- Most fraudulent activity is performed by repeat offenders. Create a fraudster database to flag known offenders before they even attempt to dupe agents.
- Identify past fraudulent activity and take corrective action. This is achieved by analysing previous recordings and performing retro-active authentication and fraud detection.
- Using confidence scores, alerts can be delivered via email, or desktop pop ups to guide agents and their supervisors in real-time. You can then decide what protocol to follow should a customer show high, medium or low authentication confidence intervals.
Deliver confidence scores to 3rd party applications
- This enables certain actions to be performed on a business application, such as rejecting a requested change to profile details if confidence scores are too low.
Include all calls or only a subset
- Use rules to target specific types of calls for authentication. Authentication can also take place in parallel to other biometric comparisons.
Real-time or post process authentication
- Depending on your requirements, authentication can occur in real-time or after the interaction has taken place.
Authenticate customers and agents
- Ensure that you are not only speaking to the right customer but also that the agents are logged into the correct accounts and are who they claim to be.
Archive enrolment calls
- Create a specific database to store the recordings used for enrolment. This will reduce risk if technology is changed at a later date.
Given the average authentication time of 30 to 45 seconds, conservative savings can be calculated by multiplying: (authentication time) x (amount of calls) x (agent burden cost).