ID R&D has unveiled a new IDFraud Contact Center solution to help telecommunications companies fight new account fraud. The solution leverages ID R&D’s voice recognition capabilities to compare the voice of each new caller to prior callers to determine if the same voice has been associated with different personal information. A match could suggest that the caller is using stolen personal information to fraudulently open multiple accounts.
If it does find a match, IDFraud Contact Center will flag the interaction, and prevent known fraudsters from opening new accounts. The solution will also compare each voice against a database of voices that are known to have committed fraud, and deny services accordingly. New voices will be added to the database as the system finds more instances of fraud.
According to ID R&D, the IDFraud solution is relatively easy to deploy, and does not need to be integrated with a contact center’s existing hardware and software. The official launch of the platform comes after a successful trial with a large telco that began in January of 2020. The telco in question is now planning to expand its use of IDFraud to other locations in other countries.
“IDFraud offers a simple approach to a difficult challenge, solving a fraud problem that was not practical to solve in the past,” said ID R&D SVP John Amein. “Telcos can implement the solution without adding any friction to the new customer onboarding experience.”
ID R&D noted that the losses from telco fraud now exceed $32 billion every year. The company’s voice recognition technology has performed well in NIST testing, and won the ASVspoof liveness detection challenge in 2019. ID R&D has updated its platform several times in the past year, first to improve its speed and accuracy and then to reduce the computational footprint of the engine.
May 22, 2020 – by Eric Weiss