It is estimated that US call centers spend $8B a year on customer authentication, but fraud still costs the industry nearly $14B annually; it's evident their choice of ID technology isn't working.
Imagine how much money could be saved if the authentication technology was more secure and cost-effective; now imagine how much more profit companies could realize if their choice in identity technology also boosted the customer experience!
In 2020 the Identity Fraud study reported 1.4 million complaints of identity theft in the US, up from 651,000 in 2019; these numbers mean trouble for the contact center industry. But the industry saw this coming, and contact centers attempted to beat the bad actors to the punch with new, more demanding authentication standards. They tried to achieve this through more complicated PINs, longer passwords, and manual (KBA) authentication. The industry quickly discovered that implementing their new intensive ID process was expensive, costing $0.33 per call on average, and frustrating and time-consuming, taking 30 to 45 seconds each time. Even after all the changes and the additional overhead costs, the fraud kept coming.
Voice biometric technology tops the list of the most reliable authentication technologies regarding strength and accuracy. Recently, many contact centers have begun to follow this advice and implement this tech into their workflow. They quickly discover that this technology is not only the best & and quickest solution to verify a customer, but it also allows them to ID and flag fraudulent individuals.
V2's technology enables identity verification in seconds by analyzing a users' unique voiceprints without leaving the IVR, simplifying the agent's process, and improving the customer's experience. Agents spend less time with each caller, shortening average call times, saving significantly on overhead costs, and resulting in happier customers and a more efficient team.
But wait, there is one additional benefit that will save your company the most money! If the voiceprint is not ID'd as expected, the system can identify a potential fraudster. The system can then put the user's voiceprint on a blacklist and trigger an alarm for the contact centers anti-fraud team. Combining an enhanced user experience and the avoidance and cataloging of known fraudsters, the contact center will experience improved customer satisfaction and extraordinary savings.
Contact center fraud is a widespread problem & traditional knowledge-based authentication is no longer adequate.
V2's biometric solution definitively identifies & authenticates a customer, removing the need for passwords, PINs & knowledge-based questions, creating a frictionless authentication process. V2verify's voice biometric technology can cut authentication costs, improve agent productivity, reduce agent talk and wait time, reduce stress, and dramatically improve customer experience.
You've found a technological approach that enhances customer experience without compromising security; why not find out more!