© 2012 NACHA — The Electronic Payments Association. All rights reserved.No part of this material may be used without the p...
2Proprietary © 2013 Victrio, Inc.Victrio	  Intro	  •  Emerging leader in passive voice biometrics•  Team expertise in voic...
3Proprietary © 2013 Victrio, Inc.Deep	  Experience	  in	  Voice	  Biometric	  ImplementaAons	  for	  Financial	  Firms	  •...
4Proprietary © 2013 Victrio, Inc.History	  of	  Industry’s	  Voice	  Biometric	  Efforts	  1990’s	  Schwab	  Early	  2000’s...
5Proprietary © 2013 Victrio, Inc.1990’s	  Schwab	  Early	  2000’s	  Mid	  2000’s	  Late	  2000’s	  HSN	  HarOord	  Insuran...
6Proprietary © 2013 Victrio, Inc.Today:	  Even	  More	  ImperaAve	  to	  rescue	  call	  center	  Customers areincreasingl...
7Proprietary © 2013 Victrio, Inc.Passive	  Voice	  Biometrics:	  Promising	  Theory	  •  No customer interruption•  Passiv...
8Proprietary © 2013 Victrio, Inc.Victrio ID Confidence CloudVoiceBiometricAnalysisAccountDataCall &BehavioralDataVoiceprin...
9Proprietary © 2013 Victrio, Inc.Life	  in	  the	  Trenches:	  Fraud	  DetecAon	  •  Call center infrastructure is never r...
10Proprietary © 2013 Victrio, Inc.Life	  in	  the	  Trenches:	  Fraud	  DetecAon	  •  Business Model?–  Licensed product?–...
11Proprietary © 2013 Victrio, Inc.Field	  Results:	  High	  Repeat	  Fraud	  Rate	  0% 10% 20% 30% 40% 50% 60% 70% 80% 90%...
12Proprietary © 2013 Victrio, Inc.0 20 40 60 80 100 120 140 160 180 200Duke KobayashiJeffrey JohnsTyler MireshCharles Davi...
13Proprietary © 2013 Victrio, Inc.Average Number of Attacks From “Sharks”Drops (Study of Top 10)17202110.5125.56.51.5 21 1...
14Proprietary © 2013 Victrio, Inc.Case Study: Dramatic Impact ofVoice Biometric Fraud Detection•  3:1 false positive ratio...
15Proprietary © 2013 Victrio, Inc.Life	  in	  the	  Trenches:	  AuthenAcaAon	  •  Affirm the need and business case–  What...
16Proprietary © 2013 Victrio, Inc.Life	  in	  the	  Trenches:	  AuthenAcaAon	  •  “Dual screening” maximizes accuracy and ...
17Proprietary © 2013 Victrio, Inc.Field	  Results:	  AuthenAcaAon	  •  Over 28M calls analyzed•  Range of AHT reduction me...
18Proprietary © 2013 Victrio, Inc.AuthenAcaAon	  Accuracy:	  Integrated	  Approach	  Drives	  Performance•  Whitelist: 3X ...
19Proprietary © 2013 Victrio, Inc.Business	  Impact	  and	  Customer	  Experience	  ?2,000 callsLegitimate Callers9,998,00...
20Proprietary © 2013 Victrio, Inc.Further	  materials	  and	  informaAon	  •  Web access to demos•  White paper•  Industry...
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The Power of a Black List, the Promise of a White List

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Financial services companies are finding out that they can reduce fraud loss by quickly detecting imposters. But that is just the start of the story. Learn how the combination of multiple factors can lead to lower financial losses. -- Mark Lazar, CEO, Victrio, Inc.

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The Power of a Black List, the Promise of a White List

  1. 1. © 2012 NACHA — The Electronic Payments Association. All rights reserved.No part of this material may be used without the prior written permission of NACHA.This material is not intended to provide any warranties, legal advice, or professionalassistance of any kind.Making  voice  biometrics  work  in  real  world  implementa5ons      AKA,  Beyond  the  bullet  point      Mark  Lazar  CEO,  Victrio  
  2. 2. 2Proprietary © 2013 Victrio, Inc.Victrio  Intro  •  Emerging leader in passive voice biometrics•  Team expertise in voice recognition and call center–  Ex-Nuance, BeVocal, Tuvox•  Industry acclaim–  Gartner Cool Vendor 2013 for Security:Identity and Access Management–  RSA Most Innovative Company 2013 - Finalist
  3. 3. 3Proprietary © 2013 Victrio, Inc.Deep  Experience  in  Voice  Biometric  ImplementaAons  for  Financial  Firms  •  3 years of implementation experience•  Clients include 3 of top 5 financial firms•  Screening 100M calls in 2013•  Largest global fraudster database in world
  4. 4. 4Proprietary © 2013 Victrio, Inc.History  of  Industry’s  Voice  Biometric  Efforts  1990’s  Schwab  Early  2000’s  Mid  2000’s  Late  2000’s  HSN  HarOord  Insurance  MarrioP  US  Bank  AT&T  Visa  Bank  of  America  First  Horizon  Bell  Canada  Bank  of  America  ABN/AMRO  Santander  American  Express  
  5. 5. 5Proprietary © 2013 Victrio, Inc.1990’s  Schwab  Early  2000’s  Mid  2000’s  Late  2000’s  HSN  HarOord  Insurance  MarrioP  US  Bank  Visa  AT&T  Bank  of  America  First  Horizon  TERMINATEDTERMINATEDUNKNOWNINTERNAL ONLYINTERNAL ONLYTERMINATEDINTERNAL ONLYTERMINATEDTERMINATEDTERMINATINGBell  Canada  Bank  of  America  ABN/AMRO  Santander  American  Express  Gap  Between  Theory  and  PracAce  
  6. 6. 6Proprietary © 2013 Victrio, Inc.Today:  Even  More  ImperaAve  to  rescue  call  center  Customers areincreasingly frustrated…Web Attacks vs. Phone AttacksWhile professionalfraudsters aren’t stopped65%: FrustratedSource: Opus Research 2012 Survey Source: RSA Client Study50%: Too time-consuming
  7. 7. 7Proprietary © 2013 Victrio, Inc.Passive  Voice  Biometrics:  Promising  Theory  •  No customer interruption•  Passive enrollment•  Passive authentication•  Alerts agent in real time–  Shorter call and AHT–  Happier customer–  Stronger fraud detection
  8. 8. 8Proprietary © 2013 Victrio, Inc.Victrio ID Confidence CloudVoiceBiometricAnalysisAccountDataCall &BehavioralDataVoiceprintMatchID ConfidenceReported toAgentHighFraud?LowCaller VoiceCall Center/ IVRMobilePassiveCustomerVoiceprintsSharedFraudsterVoiceprintsSignalAnalysisIdeal  System  Overview  
  9. 9. 9Proprietary © 2013 Victrio, Inc.Life  in  the  Trenches:  Fraud  DetecAon  •  Call center infrastructure is never ready on Day 1–  Call recording system poorly configured•  Association with accounts not always available•  Relevant metadata not available–  Clients have to assert ownership of data•  Need new people processes to support solution•  Poor flagging and capture of fraud interactions•  Poor understanding of call center “big data”
  10. 10. 10Proprietary © 2013 Victrio, Inc.Life  in  the  Trenches:  Fraud  DetecAon  •  Business Model?–  Licensed product?–  Managed service?•  Evolve system to anticipate evolving fraudster behavior•  Track changing impact of factors in multi-factor scoring•  Example: Growing usage of using $8 burner phones weakensdevice detection; adjust weighting
  11. 11. 11Proprietary © 2013 Victrio, Inc.Field  Results:  High  Repeat  Fraud  Rate  0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%BROKERAGE  71% 89%BANK  ACCOUNT  FRAUD  42% 76%CREDIT  CARD  FRAUD  72% 95%
  12. 12. 12Proprietary © 2013 Victrio, Inc.0 20 40 60 80 100 120 140 160 180 200Duke KobayashiJeffrey JohnsTyler MireshCharles DavisRobert AlbertBill KoflinJosh DumasGreg BarkerSally DavinoMichael LeeShauna KoshikAlexandra LaurelPatrick DonallyElizabeth WrightJerry LucentCarla GonzalezFrancis MontgomeryMichael HenleyShauni MccoyMark MartigasBrian ReedRecurring  PaPern:  DramaAc  Fraudster  AcAvity  ConcentraAon  TOP  20  FRAUDSTERS  ~ Half of fraud activity perpetratedby top 10 FraudstersCalling > 30 times per monthC A L L S
  13. 13. 13Proprietary © 2013 Victrio, Inc.Average Number of Attacks From “Sharks”Drops (Study of Top 10)17202110.5125.56.51.5 21 10510152025Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12Average Fraud Events Per “Shark" Per MonthFraud EventsTrial and errorperiodChurn/abandonmentperiod (fraudster frustration)19 calls onaveragePreviouslysuccessfulfraudsters give upafter Victrio is inplace
  14. 14. 14Proprietary © 2013 Victrio, Inc.Case Study: Dramatic Impact ofVoice Biometric Fraud Detection•  3:1 false positive ratioexceeds industrystandards•  82% reduction inbaseline fraud sinceVictrio launch•  Strong endorsementfrom fraud operations
  15. 15. 15Proprietary © 2013 Victrio, Inc.Life  in  the  Trenches:  AuthenAcaAon  •  Affirm the need and business case–  What are the authentication metrics today?–  Translate differential into hard costs–  How to value soft benefits?•  Better customer experience•  Top of wallet•  Churn and new customer acquisition cost•  Resolve privacy considerations–  Engage legal and security early–  Design optimal “consent” strategy
  16. 16. 16Proprietary © 2013 Victrio, Inc.Life  in  the  Trenches:  AuthenAcaAon  •  “Dual screening” maximizes accuracy and speed to answer–  3X accuracy with combined blacklist & whitelist vs. whitelist alone•  Multi-factor approach–  Voice biometric, call and behavioral, account data, signal analysis•  Deliberate “graylist” process–  When do you trust a newly enrolled voiceprint?•  Prepare organization with fraud detection first–  Low customer exposure while you address the above
  17. 17. 17Proprietary © 2013 Victrio, Inc.Field  Results:  AuthenAcaAon  •  Over 28M calls analyzed•  Range of AHT reduction metrics•  Leverage historical call recordings to kickstartprocess•  Full customer base coverage over time
  18. 18. 18Proprietary © 2013 Victrio, Inc.AuthenAcaAon  Accuracy:  Integrated  Approach  Drives  Performance•  Whitelist: 3X accuracy with combined blacklistand whitelist versus whitelist alone•  Whitelist: Additional 25% improvement inaccuracy when combined with metadata•  Blacklist: 2X lift in accuracy for blacklist whencombining with metadata
  19. 19. 19Proprietary © 2013 Victrio, Inc.Business  Impact  and  Customer  Experience  ?2,000 callsLegitimate Callers9,998,000 callsScreen2:FraudsterVoiceprintScreenScreen1:CustomerVoiceprintMatch97%Legitimate Callers3% Legitimate Callers~15 -25 SecondsFaster Authentication:$60M savingsCurrentAuthenticationCaught Fraud1,992 callsUncaught Fraud8 callsGreater FraudDetection:$40M savingsFraudstersLive Agent Calls10M per Month
  20. 20. 20Proprietary © 2013 Victrio, Inc.Further  materials  and  informaAon  •  Web access to demos•  White paper•  Industry dataMark Lazar,Victrio CEOmlazar@victrio.com

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