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IVR Fraud Attacked Head-On by New Consortium
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IVR Fraud Attacked Head-On by New Consortium

 
December 11, 2014

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  By Rory J. Thompson, Web Editor
 


Hackers and fraudsters have a seemingly never-ending bag of tricks in their ongoing attempts to steal others’ vital information for their own nefarious purposes. So it should come as no surprise that one of their more common methods is trying to spoof Interactive Voice Response (IVR) systems to gain valuable data about someone else.


In response to that, three companies that are prominent in the call center industry – Contact Solutions, IDology, and Pindrop Security – announced they have joined forces to stymie those up to no good. The result is Adaptive Fraud Protection, now provided within Contact Solutions' IVR service.

In a story at DestinationCRM.com, the reasons were spelled out as to why this consortium was formed.

“Fraudsters today can use IVRs for surveillance and data-gathering as a precursor to phishing with agents that can eventually lead to account takeover,” the report notes. “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.”

According to the report, all three companies bring an important aspect to the solution:

  • 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 using real-time analytics in the IVR platform.
  • IDology's ExpectID IQ integrated directly with the IVR provides automated dynamic knowledge-based authentication in which responses are verified in real time in the IVR to instantly authenticate the caller.
  • ANI analysis from Pindrop Security's Phone (News - Alert) Reputation Service 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.

The end result is a new way to stop the miscreants in their tracks.

“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 VP 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."




Edited by Maurice Nagle
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