-Adeptra Decision Engine integrated with TrustID’s pre-answer caller authentication to identify and prevent caller-ID and ANI spoofing-
Reading, UK – 2nd December 2011 – Adeptra, the leader in auto-resolution technologies, and TrustID, which enables financial organisations and businesses to physically authenticate consumers contacting their call centres, have announced a technology partnership that will improve the ability of financial institutions to identify and prevent telephone-based fraud.
The two companies have integrated their product sets, bringing Adeptra’s Decision Engine together with TrustID’s Automatic Caller Authentication to create a robust solution for credentialing each caller’s identity while simultaneously detecting and preventing caller-ID and Automatic Number Identification (ANI) spoofing. The joint solution is already being used by a number of the world’s largest financial institutions.
This new integration and partnership is part of Adeptra’s unique Fraud Ecosystem – a range of solutions, best practices, and technologies that cover the breadth of fraud prevention from detection and investigation through to recovery and analysis.
The rise in identity theft means financial institutions can no longer entirely trust caller-interrogation procedures as a means of validating a caller’s identity. Financial institutions need new, fast, and non-intrusive methods of authenticating telephone-based transactions.
How it works
TrustID’s authentication process operates on the premise of ‘something you have’; a method of verifying a customer’s identity based on their ability to produce something physical that they are known to possess – in this case their fixed telephone line or mobile device.
TrustID authenticates every call made to a financial institution by using sophisticated telephone network forensics to verify that the claimed device is actually calling the call centre at that moment. Based on this determination, it tags the source of the call as validated or potentially spoofed before the call is answered.
TrustID passes this determination to Adeptra Decision Engine, which correlates it with – and adds it to – other customer data held in different systems across the organisation. If a call is identified as potentially spoofed, Adeptra Decision Engine determines how it should be handled – for example, whether it is answered by an agent (who is now armed with the knowledge that it’s a validated customer or a potentially fraudulent call) or passed to IVR.
The combination of TrustID and Adeptra Decision Engine presents many benefits to financial institutions and their customers, including:
• Minimise business risk: The ability to detect, address and prevent telephone fraud before it occurs reduces fraud-based losses and improves consumer confidence.
• Reduce contact centre costs: By shortening authentication procedures for unvalidated calls, and enabling suspicious calls to be addressed in a more cost-effective manner, the joint solution can reduce call centre costs by 20%.
• Combat telephone-based fraud: The joint solution works to combat several types of fraud including identity theft, voice phishing, social engineering, line takeover and account breakout.
• Improve customer experience: As the authentication process takes place before the call is answered, it ensures a faster and more pleasant experience for genuine callers.
Tony McGivern, CTO, Adeptra, said: “Our partnership with TrustID marks a significant step forward in financial institutions’ ability to combat fraud, reduce risk and increase consumer confidence. Knowing that an inbound call is coming from the genuine cardholder or account holder’s telephone is a reliable and practical authentication and a major contributor to fraud prevention.”
Patrick M. Cox, CEO for TrustID said: “Adeptra is the recognised leader in decision-making for real-time consumer communications. By integrating our technologies we can not only reduce the risk of fraud for our financial institution customers, but also significantly reduce call handling times and contact centre costs. That means the joint solution can pay for itself quickly, while creating a platform for better customer service and increased customer confidence.”
Adeptra is the global market leader in Auto-resolution™: technology that automates key call centre interactions through an intelligent decision engine to reduce their cost and dramatically increase performance. Applications are fully integrated, industry-specific solutions for business processes such as fraud detection, payment reminders and opt-in marketing.
Adeptra is able to manage thousands of customer engagements simultaneously and achieves higher levels of portfolio penetration to produce significantly better results than human agents alone. The resolutions it secures are delivered into clients’ computer systems for reporting and analysis.
Among its many customers, Adeptra is used by the majority of leading retail banks across EMEA, North America and APAC. It occupies a premium position in the market by continually reinvesting in its technology, operations and service structure. The company’s commitment to the highest standards of data security compliance was recently re-confirmed, as Adeptra became the first Interactive Voice Messaging organisation to meet both Payment Card Industry Security Standard (PCI DSS) v1.2 and ISO27001 standards on a global basis. For more information, visit www.adeptra.com.
Founded in 2007, TrustID® helps financial institutions and other enterprises conducting telephone-based commerce to authenticate callers with physical “something you have” authentication while combating the growing threat of phone hacking and Caller ID and ANI Spoofing. The first technology to address telephone originated social engineering security breaches, TrustID’s patent-pending physical caller validation solution accelerates the authentication process to pre-answer, validating ID with physical information without sole reliance on knowledge based authentication “something you know” and the risky handling of personally identifiable information (PII.)
TrustID’s customers across financial, healthcare, retail and telecom industries can aggressively mitigate call centre expense and fraud as well as minimise operational and regulatory risk while building brand loyalty and driving additional revenue.
Privately-held, VC-backed TrustID® is based in Portland, Oregon.
T: 020 8996 1653 / 07780 687813
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