UK leading retail bank improves customer experience while fighting fraud with Smartnumbers

One of the UK’s largest banks offers its customers self-service through interactive voice response (IVR). But even such a sophisticated IVR can pose fraud risks and vulnerabilities. Since most fraud starts in the IVR, the Bank needed a solution to prevent potential debit card and online banking fraud. 

This would also further help improve the Bank’s relationship with its customers.

Even though the bank established audio monitoring to address this challenge, it was insufficient to identify fraudsters who use the IVR to validate compromised data. The Bank needed a solution to address all their customer authentication and fraud prevention needs.

• Security concerns over fraudsters obtaining information through the IVR
• Difficulty in identifying fraudsters through audio monitoring only
• Limited capability to identify when calls are spoofed, or the number is hidden
• Lack of reporting information for fraud teams investigating high-risk calls
• Delayed customer service due to customer authentication times

Smartnumbers helps banks improve customer service delivery and mitigate fraud losses by establishing better customer relationships and safer fraud prevention processes. It identifies fraudsters by determining the call’s risk before it even arrives in the IVR, assigning a risk score for each call to mitigate fraudulent activity. 

With Smartnumbers, the Bank has been able to: 

• Gain greater insights into fraud detection through invisible security 
• Reduce telephony & downstream fraud 
• Cut operational costs throughout its multiple business units
• Improve the customer journey with better service delivery

Because of Smartnumbers, the Bank has improved its caller experience with the increase in the IVR containment and shorter authentication times for agent answered calls. 

The Bank has also reduced friction in the customer journey and delivered 4x ROI savings on fraud savings alone in preventing card, online, telephony, and APP fraud. 

As the Bank continues its efforts in fighting fraud, it views Smartnumbers as the solution for preventing fraud across the business and building better service delivery all while strengthening customer relationships along the way.