Combined with machine learning, voice AI can be utilised to effectively combat fraud as early as the first call

How Voice AI can Secure Data and Combat Fraud

Ernest Lee

Marketing and Communications, AI Rudder

In the past years, we’ve seen a proliferation of solutions to help businesses communicate seamlessly with their customers – from chatbots to embedded video chat apps. Despite these advancements, the good old phone call to operators remains a fundamental part of customer service. Unfortunately, voice solutions are vulnerable to malicious actors, who might use various techniques to impersonate legitimate customers or access sensitive information. This is where Voice AI technology steps in, offering new ways to stop fraud in its tracks.

Understanding voice fraud

With the majority of business transactions now being conducted online, organisations have had to level up their security posture in order to combat digital fraud. However, the security of voice-based transactions is often overlooked.

To exploit these vulnerabilities, fraudsters may employ social engineering to perform malicious attacks. They might pose as a victim using personal information gathered online or even via unsecured documents such as billing statements or vital records. This information could then be used to trick agents into allowing fraudulent transactions.

Fraudsters also use intercept attacks, wherein they gain unauthorised access and eavesdrop on conversations or read emails and text messages between an organisation and a customer. This method allows them to collect information such as birth dates, home addresses, or the mother’s maiden name.

The challenge now to call centres is to be able to detect fraud while ensuring that a good customer experience is still provided. Human agents make an average of 50 to 100 calls a day and cannot be expected to seamlessly monitor fraud in each transaction.

This is where voice AI comes into play. With the capacity to process up to 200,000 calls per hour, our voice AI assistants can serve as the first line of defence against fraudulent calls. This allows human agents to continue carrying out their work with ease.

Fraud prevention with voice AI

As an anti-fraud contact centre solution, voice AI transforms how organisations prevent fraud and increase operational efficiency. Here’s how voice AI can help to secure data while improving customer experience:

Automating large-scale data analysis

With the latest technology, human agents no longer have to spend time manually verifying client information. Voice AI-powered automation in the finance industry, for example, can allow banks to save time and money by speeding up customer identification.

AI assistants can work round-the-clock, conducting customer verification and processing large volumes of data in real-time. This provides human agents with actionable insights that inform them on how to move forward.

Voice AI assistants can also identify suspicious attempts and flag any caller activities that might need to be blocked by human agents.

Analysing caller intent and behaviour

With Automatic Speech Recognition (ASR) technology, voice AI is able to understand human language, identify a customer’s intent by their words and tone, and detect any signs that a caller may be a fraudster. This can give human agents peace of mind and allow them to serve customers in a personalised manner.

Versatility and adaptability

Voice AI employs machine learning and deep learning to enhance customer experience and operational security, and efficiency. Through every new customer interaction, voice AI gets even better at predicting customer behaviour and responding to their needs. This ability to rapidly learn, adapt, and respond is essential to ensuring that your operations remain protected against digital fraud.

End-to-end encryption and user authentication

With the widespread adoption of chatbots, customers can now get support on messaging platforms like Messenger and WhatsApp. However, time-poor, on-the-go customers might prefer to talk instead of type. Incorporating voice AI into these support channels gives customers more choice on how to communicate, with the added protection of two-factor authentication and encryption.

Protect your business against fraud with voice AI

Fraud prevention is essential for all types of businesses. Attackers are constantly upping their game to evade detection and exploit new vulnerabilities. Nonetheless, securing your business against fraud does not have to come at the expense of a good customer experience.

Discover how your organisation can secure customer data and prevent fraud with AI Rudder. Contact us today to schedule a product demonstration.