Conversational Analytics / 15.10.2014

Speech Analytics to prevent and detect fraud in contact centers

A report from Global Industry Analysts (GIA) says the global call centers market is projected to reach $337.8 billion by 2018. According to the report, this revenue projection is primarily driven by increasing corporate focus on providing efficient customer service as a part of business development. Contact centers today are much more than a telephonic customer service provider, it has evolved into a segment that plays a vital role in business development and process compliance. This transformation is completely achieved with the help of innovative technologies that helps enterprises make good use of customer interactions.

Speech Analytics solution is one among those innovative tools that helps enterprises optimize their contact center operations and improve their customer service efficiency. It helps contact centers analyze customer interactions (both in real-time and batch mode) to detect and reduce fraud activities.

Some fraud statistics from leading market research firms will suffice to illustrate the importance of detecting fraud in a contact center:

Contact Center Fraud statistics - Speech Analytics

Speech analytics to reduce fraud:

These data show us the bigger picture on how important it is to detect and prevent fraud for any business. To fraudsters, contact centers and customer service centers are the easiest entry points to commit fraud and vanish. The reasons are pretty simple – easy and manual authentication procedures through passwords or personal details to access the customer account or data.

To fight fraud, many contact centers recognize speech analytics as a powerful tool. Speech analytics provides the ability to identify in real-time any mis-selling and improper conduct in customer interactions and therefore enable instant manual intervention. It helps businesses detect spam and malicious behavior on both sides i.e. customer’s end and agent’s end.

  • Tracking customer fraud – Based on keyword spotting for the right words, businesses can detect fraud early, and also focus on high-risk transactions instead of having to scan large volumes of calls.
  • Tracking mis-selling by agents – Identify red flags based on keywords detected in agent’s conversation and trigger an alert to supervisor.

Uniphore’s speech analytics solution also provides analytics/reports on the above mentioned operations to enable businesses fight fraud and prevent identity thefts at the nascent level. By using Uniphore’s speech analytics solution, a leading American Financial Services Company achieved 95.16% accuracy levels in regulatory compliance and fraud detection. To know more on how they achieved this feat, click here and download the informative case study.

For more information on how to deploy our speech analytics solution to your contact center, mail me at kaviarasan@uniphore.com.

About Uniphore: Uniphore Software Systems is the leader in Multi lingual speech-based software solutions. Uniphore’s solutions allow any machine to understand and respond to natural human speech, thus enabling humans to use the most natural of communication modes, speech, to engage and instruct machines. Uniphore operates from its corporate headquarters at IIT Madras Research Park, Chennai, India and has sales offices in Middle East (Dubai, UAE) as well as in Manila, Philippines.