obtain valuable information that is then reused on other channels against the same organization. Relying
on passive biometrics authentication is the best way to make the call center more secure against
experienced fraudsters.
Second, to truly combat fraud, businesses need to have a cross-channel security approach that stops
fraudsters wherever and however they attack. In other words, businesses need to invest in the right tools
to protect them, and make sure that these technologies are capable of fraud detection and fraud
prevention, as well as authentication. Taking a multi-authentication approach is critical, with proven
technologies like voice biometrics, behavioral biometrics, device prints, face prints working in tandem to
cover all channels. The goal is to stop focusing our efforts on the attack vectors but rather on the attacker
themselves, who can be identified by multiple biometrics. Once we change our perspective on how to
combat fraud, we can be one step ahead.
Third, companies need to bring ethics to the forefront. This means acting in a socially responsible manner.
They need to stop categorizing fraud as a normal cost of doing business. It is not. They also need to
understand that turning a blind eye to this crime is fostering other crimes. As such, organizations must
try to stop fraud and should implement technologies facilitating the reporting of criminal activity to law
enforcement agencies. It’s not just better for business, it’s the right thing to do.
Biometrics technologies including voice have already prevented hundreds of millions of dollars from
getting into the wrong hands. For instance, HSBC recently reported that voice biometrics has helped it
weed out fraudsters and prevent over £300 million ($336 million+) from falling into the hands of criminals
since the software was deployed in the UK. Royal Bank of Scotland’s Head of Fraud Strategy and
Relationship Management also credited voice biometrics for helping the financial institution discover that
among the 17 million inbound calls it received in less than a year, one in every 3,500 calls was a fraud
attempt.
The use of biometrics enables anti-fraud teams to now link seemingly unrelated cases to a small number
of individuals, and it allows them to build solid cases with strong evidence that can then lead to
prosecution.
Ethical decisions coupled with the latest in biometrics technologies are the only way that corporations
can start having a real, concrete impact in the fight against fraud and targeting the fraud problem to its
root.