Johannesburg, South Africa 07 July 2023 – Smartz Solutions, a global CCaaS and Employee Engagement software development company, is proud to announce the launch of its voice biometrics platform, combatting the rise of fraud globally.
With a 356%* rise in impersonation fraud over the past year in South Africa, Smartz Solutions’ voice biometrics platform will cost-effectively intervene in reducing fraudulent activities in three primary areas; SIM swaps, card and banking pin resets and insurance and life benefit payouts.
SIM swap Fraud
SIM swap fraud has been around for decades and according to South African Banking Risk Information Centre (SABRIC) figures, SIM swap incidents increased 91% year on year when looking at digital banking fraud across all platforms.
In an attempt to combat the increase in fraud, companies created SMS verification and phone calls with unique questions to ascertain if it was indeed the correct person and if the transaction could proceed. These attempts have proved to be costly and ineffective as fraud continues to rise through easily sourced information and ways to bypass these verification measures.
However, through the Smartz Solutions voice biometric system, pre-registered users will be verified through a simple phone call immediately identifying the user. This eliminates the need for the painstakingly long and inefficient questioning process as well as the time it takes to gain this verification per transaction.
Card and Banking Pin Resets
Resetting pin cards is one of the most common verification processes. Currently, this is done through third-party verification systems that still require back-and-forth questioning as well as making intervention in these processes possible.
By using a simple voice verification process, the multiple-step verification that is currently used is simplified to an easy-to-use, pain-free voice biometrics process. Identifying the user who needs to reset their cards this way creates a simple user journey that is secure, quick and efficient for both the user and the contact center agent who is working on the interaction.
Insurance and benefit payouts
A common offence is continued fraudulent insurance and pension payouts to incorrect beneficiaries. The problem is that pension and insurance payouts continue to be paid out to the bank account of beneficiaries even when they have passed away. Unaware of the death of the beneficiary, the payouts continue until the business requires in-person verification – when the death of the beneficiary is revealed. This can result in benefits being paid out incorrectly anywhere from three months to a year making it an inefficient and costly process.
Through the voice biometrics system, beneficiaries can be contacted monthly to ascertain whether these payouts are still correctly being paid. This verification process can save businesses significant revenue as well as time and resources by eliminating the need for in-person verifications.
Smartz Solutions is currently providing its voice biometrics platform at scale, globally. For more information about the voice biometrics platform and choosing this simplified verification process for your business, contact Henry McCracken (email@example.com)
About Smartz Solutions
Smartz Solutions is a cloud-based omnichannel communications platform. Our competitive advantage is how we bring together back office, communications and employee engagement under one fully integrated stack.
With decades of experience and knowledge of the relationship between the employee and customer experience, Smartz Solutions maps these journeys to give businesses the power of managing total experience.
“We are not offering products. We offer solutions. Through the Smartz Solutions’ suite we work with you to accelerate your customer and employee experiences, keeping you at the forefront of your industry” – James Guthrie, Founder Smartz Solutions