Victrio has introduced a new credit risk management solution that
identifies fraudsters by their voice during credit card authorization
phone calls.
The company said the solution 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, the company noted that authorization calls can be
shorter, improving customer satisfaction, reducing agent costs per call
and stopping fraud more successfully.
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