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Mattersight Provides Insights From Fraud Analytics Solution(July 02, 2012)
CHICAGO, IL -- (Marketwire) -- 07/02/12 -- Mattersight Corporation (NASDAQ: MATR) today released findings and insights from its Fraud Analytics solution. Voice-facilitated fraud is a rapidly growing problem in a number of industries and companies are starting to realize their contact centers are a vulnerable and lucrative point of attack for fraudsters:
- In Credit Card contact centers, approximately 1 in every 2,000 calls is from a known fraudster, and this incidence rate is trending higher
- Up to 40% of all financial institution fraud involves interaction with a contact center
- In Property and Casualty Insurance, fraudsters are buying policies under stolen identities, then submitting large medical claims from staged or fake accidents
- In work-at-home contact centers, agents are putting underage children or other unemployable individuals on the phone to handle their calls
Most organizations are unaware of the volume and severity of voice-facilitated fraud. This is due to the lack of technology capable of identifying fraudsters automatically and the cost and complexity of capturing this information through manual call listening. Mattersight's Fraud Analytics solution is identifying sophisticated fraudsters and fraud rings that are using the following tactics to gain access to consumer's identities and finances:
- Answering authentication questions using publicly available information found on websites like ancestry.com and peoplefinders.com
- Leveraging technology capable of making it look like the call came from the actual customer's telephone number
- Utilizing voice-altering technology or third-party callers to make the voice sound similar to the actual customer's
- Impersonating company employees when calling the contact center to gain access to customer's identities and accounts
Fraud Analytics Solution
Mattersight's Fraud Analytics solution counteracts these tactics by automatically identifying fraudsters conducting fraudulent activity through the contact center by leveraging predictive analytics to score the percentage likelihood each caller is a fraudster. The result is a significant reduction in voice-facilitated fraud losses and the enhanced ability to identify and stop fraud before it occurs.
Mattersight's Fraud Analytics solution captures customer interactions and automatically analyzes every second of every captured interaction in the cloud, using millions of proprietary algorithms and unique behavioral models. The output of this analysis is hundreds of contextually accurate data attributes on every captured interaction, such as:
- Caller biometrics and acoustics (i.e. voiceprint, dialect, gender)
- Linguistic patterns (i.e. call reason, activity conducted, missed authentication, distress patterns)
- Non-linguistic data (i.e. response time, authentication time)
- Account contextual data (i.e. previous interaction data, caller phone number match, location match, transfer destination)
Mattersight's Fraud Analytics solution leverages these data attributes in predictive models that score every captured interaction for the percentage likelihood each caller is a fraudster. Scores over a configurable threshold generate fraud alerts or feed existing fraud case management systems for preventative action. Mattersight also leverages a consortium database of known fraudster's voiceprints that every caller is compared against to identify repeat fraudster activity.
Mattersight's Fraud Analytics solution leverages its strong competencies and expertise managing big data. Every day, Mattersight captures over 70 trillion data attributes, applies over 2 million algorithms, executes over 250 billion computations, and processes over 350 TB of data in order to provide its customers with new and contextually accurate information to understand their customers and improve their operations.
To learn more about Mattersight and the Behavioral Analytics Service, visit www.Mattersight.com.
Mattersight is a leader in enterprise analytics focused on customer and employee interactions and behaviors. Mattersight's Behavioral Analytics service captures and analyzes customer and employee interactions, employee desktop data and other contextual information to improve operational performance and predict future customer and employee outcomes. Mattersight's analytics are based on millions of proprietary algorithms and the application of unique behavioral models. The company's SaaS+ delivery model combines analytics in the cloud with deep customer partnerships to drive significant business value. Mattersight's applications are used by leading companies in Healthcare, Insurance, Financial Services, Telecommunications, Cable, Utilities and Government. See What Matters by visiting www.Mattersight.com.
Vice President of Marketing and Product Management
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