Leading Financial Institution Uses NICE Contact Center Fraud Prevention
Solution to Protect Customers and Reduce Fraud Losses
Using voice biometrics technology, the institution is able to focus its
efforts and resources on high-risk interactions
RA'ANANA, Israel, September 11, 2013
RA'ANANA, Israel, September 11, 2013 /PRNewswire/ --
NICE Systems (NASDAQ: NICE) today announced that a leading financial
institution has deployed NICE's Contact Center Fraud Prevention solution to
better secure one of its contact centers against fraudulent callers. This
unique solution, based on voice biometrics technology, enables the institution
to identify fraudsters and reduce fraud losses without creating service
hurdles for legitimate customers.
Results of the implementation have demonstrated high levels of accuracy in
identifying fraudsters, with false positive rates significantly below accepted
industry standards. The system is detecting fraudulent calls on a daily basis
and as a result is saving the organization tens of thousands of dollars in
fraud losses every day.
Voice biometrics allows the financial institution to identify fraudulent
interactions based on the caller's unique voice print. This technology was
developed to tackle the rising phenomenon of fraud in contact centers, a
result of attacks by sophisticated fraudsters who are more adept at using
information from social networks and identity theft to manipulate customer
service agents and to bypass traditional caller verification techniques.
All interactions are cross-referenced with a suspicious watch list of known
fraudsters and given a risk score. Those that are "high risk" create alerts
and undergo further investigation via the NICE Actimize Enterprise Risk Case
Manager as part of the full fraud case management lifecycle.
The NICE Actimize Enterprise Risk Case Manager is a cross-enterprise tool,
which helps organizations proactively address risk issues using a central
platform for holistic case and alert management, robust investigations, and
automated regulatory and management reporting. Enterprise Risk Case Manager
consolidates information from any existing detection systems into a single,
user-friendly application. With the ability to integrate all alerts from
across the organization - branches, ATM, website, and contact center - the
financial organization is now able to see the full picture of high-risk
By focusing on potential fraudsters using voice biometrics, the organization
can not only reduce fraud losses, but can also allocate its resources more
effectively and decrease operating costs as only high-risk incidents will
require further investigation. Moreover, these fraud detection capabilities do
not create service hurdles for legitimate customers, such as asking additional
verification questions. This enables both improved customer service and
greater customer loyalty.
"Being selected by one of the leading financial institutions underscores our
position as innovators in this field, which stems from our combined contact
center expertise and that of NICE's financial crime and compliance business
(NICE Actimize) in fraud prevention," said Barak Eilam, President of NICE
Americas. "And, as more and more organizations recognize the vulnerability of
their contact centers to sophisticated fraudsters, we believe that the demand
for our fraud prevention platform, which incorporates multiple fraud detection
technologies, will continue to grow."
The NICE solution is fully integrated with the institution's existing NICE
Interaction Management platform. The system also leverages the NICE Fraud
Prevention platform, which includes multi-layered analytics capabilities and
is designed to seamlessly integrate future technologies for the most
comprehensive fraud detection abilities.
About NICE Systems
NICE Systems (NASDAQ: NICE) is the worldwide leading provider of software
solutions that enable organizations to take the next best action in order to
improve customer experience and business results, ensure compliance, fight
financial crime, and safeguard people and assets. NICE's solutions empower
organizations to capture, analyze, and apply, in real time, insights from both
structured and unstructured Big Data. This data comes from multiple sources,
including phone calls, mobile apps, emails, chat, social media, video, and
transactions. NICE solutions are used by over 25,000 organizations in more
than 150 countries, including over 80 of the Fortune 100 companies.
Trademark Note: NICE and the NICE logo are trademarks or registered trademarks
of NICE Systems. All other marks are trademarks of their respective owners.
For a full list of NICE Systems' marks, please see:
This press release contains forward-looking statements as that term is defined
in the Private Securities Litigation Reform Act of 1995. Such forward-looking
statements, including the statements by Messer Eilam, are based on the current
expectations of the management of NICE-Systems Ltd. (the Company) only, and
are subject to a number of risks and uncertainties that could cause the actual
results or performance of the Company to differ materially from those
described herein, including but not limited to the impact of the global
economic environment on the Company's customer base (particularly financial
services firms) and the resulting uncertainties; changes in technology and
market requirements; decline in demand for the Company's products; inability
to timely develop and introduce new technologies, products and applications;
difficulties or delays in absorbing and integrating acquired operations,
products, technologies and personnel; loss of market share; pressure on
pricing resulting from competition; and inability to maintain certain
marketing and distribution arrangements. For a more detailed description of
the risk factors and uncertainties affecting the company, refer to the
Company's reports filed from time to time with the Securities and Exchange
Commission, including the Company's Annual Report on Form 20-F. The
forward-looking statements contained in this press release are made as of the
date of this press release, and the Company undertakes no obligation to update
or revise them, except as required by law.
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SOURCE NICE Systems Ltd.
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