Vicorp combats fraud with speech self-service

At the Voice Biometrics Conference 2008, Vicorp is introducing its new speech self-service solution portfolio which specifically tackles hot issues faced by card issuers and more generally expands to benefit finance departments. Two key areas of focus for the portfolio are fraud prevention and arrears handling – areas of finance which will come under increased scrutiny and pressure in the coming months with the clash of the festive season and the credit crunch.

Speech self-service and voice biometrics to combat fraud
With cardholder-not-present fraud increasing year-on-year and up 18% to £161.9 million January-June 2008 compared to the same time last year*, fraud is an on-going issue. “Chip and PIN has helped significantly reduce point-of-sale fraud,” says Brendan Treacy, CEO at Vicorp. “However, this does not solve the growing problems such as fraud abroad and fraudulent online purchases, which are time intensive for agents to deal with. Vicorp’s new portfolio offers card issuers answers to some of their more pressing issues, while at the same time enabling them to achieve immediate cost-savings, as well as taking advantage of high-quality voice self-service.”

With modules such as Travel Notification and Outbound Verification, the risk of fraud can be dramatically reduced with a secure, cost-effective automated self-service solution. For additional security, card issuers may choose Vicorp’s Voice Passport, which uses voice biometrics, where the cardholder’s voiceprint is used to identify the caller. As voiceprints are as unique to an individual as fingerprints, this added security helps to reduce fraud even more.

Speech self-service is an economical option for fraud prevention
Self-service is saving contact centres £1.6bn per year**. This coupled with fraud prevention, could present card issuers with huge savings at the same time as reduced fraud losses. With the economic downturn causing organisations to tighten their belts and reassess where they spend their money, self-service solutions argue solid business cases and offer in most cases, fast payback and impressive return on investment.

*APACS ‘2008 The Way We Pay’
**ContactBabel ‘UK Contact Centre Operational Review 2008’


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