How voice data can reduce fraud and ease customer friction

Sixty-three percent of respondents to a recent survey think resetting their password is a huge inconvenience and 14% would rather be stuck in rush-hour traffic than reset their password.  And ironically, at one institution, fraudsters were able to pass knowledge-based question barriers 92% of the time, while actual customers correctly answered the questions only about 48% of the time, according to a survey by voice-based security, identity and intelligence platform provider Pindrop. These password challenges create a problem for the organizations that use them while not solving for fraud, contends Amit Gupta, vice president of product management, research and engineering at Pindrop, in this episode of “The Buzz” podcast. “Essentially, those organizations are adding the friction to solve a problem that this is not even a solution to,” Gupta tells Bank Automation News. “That's where voice absolutely helps, but more than that, an enhanced authentication solution can help alleviate that pain and that bad customer experience and in fact, convert that to a great user experience.” The $805.9 billion BMO leverages Pindrop to reduce its incidences of fraud, according to Victor Tung, U.S. chief technology and operations officer and chief information and operations officer for BMO Capital Markets. “We started leveraging Pindrop data and some consortium data, and we eventually plug that into our workflow,” Tung said. “We have some automation AI on top of it. We saw great, great uplift” in fraud detection. Pindrop’s Gupta gives listeners a peak under the technology hood to explain how voice and voice data can reduce fraud.