Nuance biometrics technology saved customers $1B in fraud costs last year

The biometrics-based Nuance Security Suite has saved organizations more than $1 billion in total fraud costs in 2018 while enabling frictionless customer identity validation, according to a company announcement.

With account takeover (ATOs) tripling over the past year to cause $5.1 billion in losses, according to Javelin Strategy & Research, and a CFCA report indicating the telecom industry lost $30 billion in fraud last year, according to Nuance, organizations need a way to secure complex ecosystems against sophisticated attacks. Nuance Security Suite’s layered voice and behavioral biometrics, call analytics, and ConversationPrint and DevicePrint algorithms have provided that tool for many customers, Nuance says.

“With Nuance voice biometrics, we get a clearer view of customer and fraudster behavior, so we can keep genuine customers protected and take the fight to the criminals who are targeting their accounts,” says Jason Costain, the head of fraud strategy and relationship management for RBS Group.

Nuance technology has been used to screen 17 million inbound calls to RBS, leading to the discovery of one in every 3,500 calls as a fraud attempt. Costain says RBS’ return on investment has been over 300 percent.

Other recent deployments of the technology include Lloyds Banking Group, Allied Irish Bank, Deutsche Telekom, Rakuten Life Insurance, and most recently Kennebunk Savings, and Nuance reports that a multinational financial services firm cut its call-handling time by agents by 89 seconds with Nuance’s customer identification capabilities.

“Our customers come to us not only wanting to make their authentication process more convenient for customers but perhaps more importantly to evolve their contact center security strategy,” says Nuance Security Business General Manager Brett Beranek. “Our approach is unique in that our algorithms can not only identify and validate individuals by their voice, but also understand what types of conversation patterns fraudsters typically use. That’s powerful when you consider how much money is lost due to fraudulent account access each year, whether through traditional phone channels or in complex cross-channel attacks.”

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