MOUNTAIN VIEW, CA, October 15 / MARKET WIRE/ --
Credit card thieves often talk their way
into getting online merchants to ship them products. Now Victrio wants to
use the criminals' own voices to stop them.
Today the company introduced a new credit risk management solution that
identifies fraudsters by their voice during credit card authorization phone
calls. It works by comparing the caller's voice against a database of
known criminals. If there is a match, authorization can be denied before
the damage is done. The company is targeting big-ticket online merchants
as well as banks and other credit card issuers.
Victrio complements current fraud protection systems, like rules-based
engines for online retailers and Fair Isaac's Falcon Fraud Manager for
credit card issuers and banks. These systems flag suspect transactions and
trigger an authorization phone call. The problem is that whether you
screen out a career fraudster today or not, the same criminal will come
back tomorrow to try again with a different stolen credit card or identity.
And they keep coming back.
"Online merchants get really excited about Victrio because until now there
was no other way to connect all these different fraud incidents to a common
thief," said Tony Rajakumar, founder and CEO of Victrio. "This is the
first technology that can actually target the career fraudster. Even if
the criminal goes off and buys a fresh batch of stolen identities or gets a
new Internet address and PC, we can stop him. Once he opens his mouth,
we've got him."
Online merchants, banks and credit card issuers are well aware that credit
card fraud is a repeat crime. This means Victrio can deliver immediate
payback, because at the end of a screening call agents know if it is a
fraudster that has fooled them before. Victrio also solves another more
sensitive problem, the so-called friendly fraud by a household member.
Merchants that may be reluctant to confront high value clients can
discretely prevent it from reoccurring using the Victrio voiceprint risk
management system.
Victrio's impact on credit card fraud will grow rapidly beyond helping
individual clients fight repeat fraud. The company plans to pool
information across its client base to build the world's largest fraud
voiceprint database. This will stop known criminals from their first
attempt.
Victrio advisor Louie Gasparini agrees, based on what he has seen in the
last 12 years helping banks and retailers get control of fraud originating
from Web transactions. The former CTO for RSA Consumer Solutions and SVP
of Internet banking for Wells Fargo Bank notes that as you clamp down on
Internet fraud, the pressure mounts on the call center, where risk agents
try to filter out the crooks from legitimate customers' transactions based
on a phone call. And that is a much tougher problem.
"These criminals are good, slick con artists that can sweet talk the
agent," said Gasparini. "Once they get it down they do it over and over
again. Identifying fraudsters by their voice is a great tool to manage
risk in an area that until now has been tough to control, the call center."
The Victrio voiceprint call screening process is completely transparent to
customers. In fact, it will enhance the experience for legitimate
customers. A suspect Card Not Present authorization call for a Web
purchase can take 20 minutes. Since most of the time these are legitimate
transactions, this can be frustrating for the cardholder. Even worse,
current practices are not very effective at preventing fraud. With
Victrio, authorization calls can be shorter, improving customer
satisfaction, reducing agent costs per call and stopping fraud more
successfully.
Merchants, banks or credit card issuers can easily deploy the Victrio
voiceprint risk management system. With the Victrio zero IT deployment
model, all that is required is a phone and a browser. Victrio does the
rest with a fully hosted solution using the Software-as-a-Service (SaaS)
model. The company also offers an open API that makes it easy to integrate
with popular call center platforms such as Aspect.
About Victrio
Silicon Valley-based Victrio has a patented, advanced, credit risk management
system that uses voiceprint recognition technology to fight credit card fraud for
online retailers, and identity theft for banks and
other ecommerce providers. The Victrio voiceprint screening process
works transparently to customers when agents call them to check on a
suspect transaction and provides real-time fraud alerts. Founder and CEO
Tony Rajakumar is a technologist specializing in voice recognition.
Mark Goines is a board advisor to Victrio. Goines is the former chief
marketing officer of PassMark Security, the company behind Bank of
America's Sitekey that was acquired by RSA Security in 2006. Formerly,
Goines was general manager of the consumer division of Intuit (Quicken).
More information is available at
www.victrio.com
.
Contact: Deb Montner, Montner & Associates, 203-226-9290,
dmontner@montner.com
Montner & Associates is a full service high tech PR agency.
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Contact:
Deb Montner
Montner & Associates
203-226-9290
dmontner@montner.com
