Identity fraud losses total $52 Billion, affecting 42 million U.S. adults
according to the 2022 Identity Fraud Study by Javelin Strategy & Research.
Despite spending $8B a year on customer authentication, fraud still costs U.S. call centers nearly $14B annually; it's apparent their choice of I.D. technology isn't the correct one.
These numbers mean big trouble for the contact center industry.
It's not like they didn't see this coming. Contact centers attempted to beat the bad actors with new, more burdensome 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 I.D. process was expensive (costing around $0.33 per call), frustrating, and time-consuming (30 to 45 seconds each time).
Even after all the changes and the additional overhead costs, the fraud kept coming.
Imagine how much money could be saved if customer authentication tech was more secure and cost-effective and how much more profit companies could realize if their choice in identity tech boosted the customer experience!
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 I.D. and flag fraudulent individuals.
V2's technology enables identity verification in seconds by analyzing a user's 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 I.D.'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 center's 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.
See It in Action!
V2's biometric solution definitively identifies & authenticates a customer, removing the need for passwords, PINs & knowledge-based questions, creating a frictionless authentication process. V2's 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!
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