Contact Us

The call center is one of the most challenging channels when it comes to balancing security with customer experience. Fraud methods that target the call center – such as ANI-spoofing and account takeover attacks – are on the rise, with 51 percent of financial service professionals believing that phone channels see the greatest number of ATO attempts.* At the same time, we all know how unpleasant it can be to deal with security processes such as knowledge-based authentication and PIN codes when dialing into a call center, and quick and easy user enrollment remains a top priority for 91 percent of call center industry leaders.*

The good news is that there is hope for brands looking to use technology to solve these issues. Payfone’s Call Center solution uses a sophisticated, multi-layer approach to authenticating call center calls and the identity of callers to prevent ANI-spoofing and ATOs while also delivering a frictionless experience to >90% of callers. Enterprises can alleviate security concerns by leveraging the Payfone Trust Score™ and call authentication for real-time porting and SIM swap intelligence and to prove possession of the phone dialing into the call center. The Fonebook can then be used to identify callers for an increased ANI-match rate that eliminates the need for KBA questions and contains callers in the IVR so that they can quickly service themselves instead of requiring human intervention.

Curious to see what other features make Payfone’s Call Center solution so comprehensive and to see how your current solution stacks up? Download our Call Center Authentication Checklist below for the most critical differentiators to look for in a solution.

*Source: PYMNTS

 

Get the Call Center Authentication Checklist



TSYS unveiled a breakthrough authentication product today that delivers unprecedented real-time verification of customer identities to help companies combat synthetic and account takeover fraud. Called the TSYS Authentication Platform, the new offering leverages Payfone’s Trust Platform and Trust Score to verify that a customer is who he or she claims to be, which will enable enterprises to provide a frictionless customer experience while reducing application, transaction and account takeover fraud.

The TSYS Authentication Platform is available in Europe now and is expected to launch in North America in 2020.

For more information, see the full press release here >

Is your customer experience designed for the wrong person?

That’s the question that Payfone’s CEO Rodger Desai and Mastercard’s Director of Product Development & Innovation Rob Carter will explore in their Money20/20 fireside chat about an emerging economic phenomenon known as the “Trust Gap“. The session will examine how the fear of fraud has forced many companies to design their online journeys for fraudsters instead of customers, hindering the customer experience, stunting revenue and increasing operating costs. Desai and Carter will also break down some of the practices that Mastercard is employing to reverse the Trust Gap, and how other enterprises can follow similar strategies to create faster, frictionless and more fraud-free experiences for customers.

Tuesday, October 29, 3:05 PM – 3:25 PM
Tech Tonic, Expo Hall, Level 2, The Venetian

And don’t forget to visit us at booth K52 to check out our Trust Score demo and get your personal Trust Score!

Did you know that 38% of customers drop out of the onboarding process because of frustration with the serious amount of paper or the overwhelming volume of information required (Deloitte).

In a new episode of Money20/20’s Money Pot podcast called “Mind the Trust Gap: Strategies to Improve the Customer Journey“, Scarlett Sieber and Sanjib Kalita turn to our CEO, Rodger Desai, to uncover strategies that financial institutions can use to strike the proper balance between security and a great customer experience. Follow the link below to listen to Rodger’s insights on the “Trust Gap” and how overcoming it can help companies cut through the competition.

LISTEN HERE >

With nearly 111 million consumers using services like Airbnb, Uber and Freelancer.com daily, the sharing economy is booming more than ever before. And if you consider the sensitivity of the information, goods, services, and funds being exchanged, it should go without saying that the secure identity authentication and verification of users accessing these platforms is critical. But as a new report from PYMNTS shows, many sharing economy platforms are still using surprisingly weak identity verification and authentication methods that put consumers’ digital identities and data at risk.

Identity Authentication Challenges for Sharing Economy Platforms

Based on their survey of 3,585 consumers in early 2019, PYMNTS made the following conclusions about the digital identity authentication and verification techniques being used by sharing economy platforms today:

  • Many sharing economy platforms seem to be sacrificing onboarding and login security for more seamless user experiences, putting users and their data at risk.
  • Many platforms also seem to be using outdated and vulnerable forms of identity authentication and verification (such as passwords) despite the fact that users prefer newer methods:
    • PYMNTS found that fingerprint scanning was the most popular method of authentication amongst users logging into sharing economy platforms. 76.4 percent of consumers who are asked to verify their identities by scanning their fingerprints when logging into existing sharing economy accounts report being “very” or “extremely” satisfied with their login process.
    • Only 9.2 percent of surveyed consumers say their sharing economy platforms authenticate them using fingerprint scanning.
  • The most common way sharing economy users say they are asked to authenticate their identities when logging into their accounts is through simple passwords (49.5 percent) and email addresses (35 percent).
  • This is problematic because not only are customer satisfaction rates lower when using password and email address authentication, but these methods also have known vulnerabilities considering that consumers’ personally identifiable information is easily accessible to fraudsters on social media and the dark web.

Based on PYMNTS’ data, it can be concluded that sharing economy platforms could solve these issues by employing the identity verification methods most preferred by their users (fingerprint scanning and personal questions) – but that would only be addressing one side of the experience vs. security coin. As numerous news articles show, fingerprint biometrics can be shockingly easy to hack and personal security questions have the same issues as passwords and email addresses – they’re notoriously simple to crack using information found or purchased on the dark web.

So what can sharing economy platforms do to both raise their users’ satisfaction levels and ensure that their data and identities are protected against fraud?

Identity Authentication Opportunities for Sharing Economy Platforms

Passive identity authentication, an emerging technology that is already in use at many of the world’s largest banks, healthcare companies, and technology enterprises, would allow sharing economy platforms to authenticate users frictionlessly through their mobile phones without any action necessary on the part of the user. When compared to fingerprint scanning or personal questions, passive authentication is even more seamless, and is substantially more secure as the only way a fraudster could crack this technology is if they were actually in possession of the target’s mobile device (which is not scalable).

Passive identity authentication, such as Payfone’s mobile authentication tools, would enable sharing economies to leverage the same level of security used by large banks while also extending the best possible experience to their userbase.

For more information on Payfone’s suite of passive authentication solutions, contact us here.

The rise of mobile technology and automated platforms has led to more advanced self-servicing and convenience for consumers. Ironically, many of those same technologies also lead to more call center interactions and human intervention when customers are unable to complete transactions on their own, which causes frustration (long call wait times, annoying security questions to verify identity, and then having to re-verify your identity each time you are transferred to another part of the call center), as well as higher expenses and a decline in customer satisfaction.

Payfone CEO Rodger Desai recently joined a panel of industry experts from Infobip, Citi, and Amazon Web Services at Medici’s inaugural Inner Circle event to share insights about what companies can do to differentiate themselves with safer, faster and easier customer experiences and stay relevant in the digital age.

See highlights from the discussion >

No industry is safe from the Amazon Effect or the Uber phenomenon or the WhatsApp moment, especially Financial Services. With consumer expectations higher than ever, brands are having to revolutionize the way they communicate with their customers. We are in the new age of omni-channel, omni-present communication that must respect the intelligence of customers and address their preferences. With technology like AI-powered chatbots leveling the playing field, companies must “meet” customers wherever and whenever they choose, without compromising on richness of context or trust and security. As FinTechs increasingly move away from disruption and focus on mutually beneficial collaboration with financial institutions, there’s a need for a platform-based approach to ensure that the end-customer’s experience is curated rather than confusing.

Make sure you have a platform that will grow with your company and orchestrate content in a plug-and-play fashion across all customer touchpoints and channels. Contact us to learn more.

Consumers are increasingly digital in everything they do. In fact, more than 60% of consumers of all ages log into their financial accounts at least once per week, with younger consumers showing particularly strong use and engagement with the mobile channel (Figure 1). As a result, banking and commerce transactions are rapidly migrating into the online and mobile channels.

aite group, anti fraud solutions, customer experience, payfone, julie conroy

Considering this overwhelming trend towards digital, it’s not surprising that improving the customer experience is the #1 consideration for the majority of merchants and FIs as they are contemplating new investments in fraud mitigation and authentication. According to a report from global research firm Aite Group, 86% of merchants surveyed and 88% of FI respondents indicated that improving the CX is a key factor driving their investments in anti-fraud technology (Figure 2 and Figure 3).

aite group, anti fraud solutions, customer experience, payfone, julie conroy

aite group, anti fraud solutions, customer experience, payfone, julie conroy

The same report highlights Payfone’s unique ability to enhance customer experiences by verifying identity securely and little or no friction on the customer’s end. The paper also shows how Payfone’s diversified signals deliver 73% higher identity verification rates.

Is improving your CX and giving your customers a fast, frictionless and fraud-free experience at the top of your priority list? Contact us today to learn how Payfone can mitigate fraud while also delivering the best possible CX.

Highlights:

 

  • Mobile Network Operator (MNO) data has long been thought of by many in the identity authentication industry as a vital source of signals for enterprises to prevent fraud and create better customer experiences, but new research published by the Aite Group indicates that stronger identity verification requires more diversified signals.
  • Aite Group’s Fraud & AML practice analyzed the results of a data study performed for a leading financial institution in Q1 2019. The study showed a 73% increase in verification rates when diversified signals from Payfone’s network of authoritative identity verifiers was queried vs. using MNO data alone.
  • The study also found that adding MNO data to Payfone’s mix of identity verifiers resulted in a slight improvement (1.9%) in identity verification rates.

 

NEW YORK (June 20, 2019)Payfone, a leading digital identity authentication network, today announced the results of a research report with Aite Group, a global research and advisory firm delivering comprehensive, actionable advice on business, technology and regulatory issues within the financial services industry. The paper analyzed the results of a data study performed for a leading U.S. financial institution in Q1 2019 in order to compare the efficacy of using MNO data for identity verification vs. Payfone’s diversified identity signals. The study also looked at the impact of removing MNO data from the identity verification ecosystem.

 

Aite Group’s analysis examined 29,000 consumer records to conclude that the identity verification rate (the proportion of records in which the name and address are successfully matched with the phone number) was 64.2% using MNO data alone. When Payfone’s full network of authoritative verification partners was used, excluding MNO data, this produced a verification rate of 83.2%. The verification rate for Payfone’s sources, including MNO data, was 85.1%, indicating a 1.9% improvement in account verification rates when direct carrier information is added to the equation.

 

“The goal of the study was to understand the solution’s ability to provide accurate identity verification while increasing fraud detection,” said Julie Conroy, Research Director for Aite Group’s Fraud & AML practice. “From most businesses’ perspective, the ability to provide high verification rates is often of greater value than fraud detection, given the benefits of reduced customer friction and lower operational expense (with fewer customers having to engage with the contact center or manual review teams), which drive customer satisfaction and higher Net Promoter Scores. The results of this analysis are a compelling validation of Payfone’s value proposition to assess the risk of the phone and its owner, providing FIs, merchants, and other firms with reliance on digital and/or contact center channels with a unique view into the risk associated with their customers, and an ability to remove unnecessary points of friction.”

 

To download the full report, click here.

 

About Payfone

Payfone’s award-winning Trust Platform™ and Trust Score™ bring trust to the digital economy by enabling businesses to instantly verify customers while thwarting fraud and cyberattacks in real-time; all within a privacy-first, zero-knowledge framework. Payfone serves 6 of the top 10 US financial institutions, and leading healthcare, insurance, technology and retail companies. Learn more at payfone.com and linkedin.com/company/payfone.

 

About Aite Group

Aite Group is a global research and advisory firm delivering comprehensive, actionable advice on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, insurance, wealth management, and the capital markets, we guide financial institutions, technology providers, and consulting firms worldwide. We partner with our clients, revealing their blind spots and delivering insights to make their businesses smarter and stronger. Visit us on the web and connect with us on Twitter and LinkedIn.

 

Press Contact:
Yuka Yoneda
yyoneda@payfone.com
212.614.6927

But what does that even mean?

 

  • If you have a high degree of initial identity vetting during the enrollment phase, it changes the entire customer journey.
  • When a thorough (but quick) identity verification is completed at the sign-up or enrollment stage, enterprises are able to deliver a frictionless customer experience for every subsequent interaction.
  • Which means that annoying customer authentication questions, like ‘how many stop signs?’ or ‘what is the name of your first pet?’, will not be a deterrent to customer engagement when consumers come back to purchase something, inquire about your product, or need information.
  • How does this ‘magic’ happen? It all starts with giving every customer a tokenized Payfone ID that is private, secure and persistent. We will then check against authoritative verifiers of identity and real-time signals.
  • This allows enterprises to disrupt the bad guys’ fraudster journey, and eliminate the painful login processes that prevent sticky relationships.
  • Enterprises can also create a Payfone ID for their existing customers, so they too can enjoy frictionless customer experiences.
  • Getting it right from the beginning during the enrollment phase validates that customers are who they claim to be, and allows you to turn interactions into a delightful and engaging customer journey.

 

To learn how you can get the enrollment phase right for your business, click here.

 
Next week’s Did You Know? topic:
How to reverse the trend of lack of trust in the customer experience.
 

Interested in receiving Did You Know? emails in your inbox? Sign up here.