With Consumers Around the Globe Increasingly Impacted by Fraud, Hacks, and Password Breaches, Nuance Steps up Biometric Security Solutions
Today from the Opus Research Intelligent Assistants Conference, Nuance Communications, Inc. announced expanded biometrics offerings to address the alarming rate of consumer fraud around the globe. With new capabilities in voice, facial and behavioral biometrics, Nuance’s Security Suite now takes fraud prevention beyond the contact center by combining digital inputs to more accurately detect fraud across multiple channels resulting in millions saved each year.
Recent surveys seeking to understand current consumer perceptions of fraud have revealed that, in the US alone, more than 50% of the population has reported being a victim of some type of fraud or data breach, while nearly 40% in the U.K. have reported the same. Additionally, across the US and the U.K.
- A combined 80% of consumers report being emotionally scarred from the fraud incident
- 75% of consumer fraud occurs with a financial institution
- 25% of consumers stopped doing business with an organization following a fraud occurrence
o 16% of consumers stopped doing business with an organization following a fraud occurrence even if they considered the organization had handled the fraud incident well.
- 21% of consumers believe that the organization poorly handled their fraud case – and this worsened their perception of the company.
- Telecom service providers were considered as being the worst at handling fraud cases
- Credit card issuers were considered the best at handling fraud cases
“Fraud continues to be a serious global problem, and the impact on consumers is not to be ignored,” said Robert Weideman, senior vice president, general manager, Enterprise Division, Nuance. “Enterprises have a real opportunity – today more than ever – to take a more aggressive stance when it comes to fighting fraud to not only drive down the exorbitant costs related to fraud, but also to build consumer trust. Recent results shared with us by our customers showcase the multiple benefits to both the organization and to the consumer.”
This week, Nuance and its customers are taking the stage at the Opus Research Intelligent Assistants Conference in London to talk about the global impact of fraud, and the steps that organizations can take to put their consumers’ security first. Biometrics technology is being embraced worldwide to not only provide a more secure and seamless authentication experience, but also to reduce fraud with compelling results:
- A top five UK bank saw a 59% decrease in account takeover within 30 days of deploying Nuance’s Security Suite including FraudMiner
- A top five US bank prevented $6.2M in annual fraud loss
- A top five US telecom saw a 20% decrease in fraud losses within 30 days of deploying voice biometrics
Nuance’s Security Suite has been adopted globally by large organizations, such as the Australian Tax Office, Barclays, ING Netherlands, Tangerine Bank, Tatra Banka, Turkcell, Santander Mexico and Vodacom South Africa and many more.