Press Release
New research from Nuance Communications has found that telecom service providers are considered by consumers to be the worst at handling fraud cases.
The Consumer Fraud Perceptions survey, conducted by independent panel research firm AYTM and commissioned by Nuance Communications, found that nearly 40 per cent of UK consumers report being a victim of some type of fraud or data breach.
80 per cent of respondents from both the UK and the US also report being emotionally scarred from the fraud incident. One quarter reported that they stopped doing business with an organisation following a fraud occurrence, and a further 16 per cent of consumers stopped doing business with the company even if they considered the it had handled the fraud incident well.
Commenting on the findings, Robert Weideman, senior vice president, general manager, Enterprise Division, Nuance, said "Fraud continues to be a serious global problem, and the impact on consumers is not to be ignored."
“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 organisation and to the consumer.”
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.
Nuance reported that a top five US telecom saw a 20 per cent decrease in fraud losses within 30 days of deploying voice biometrics.
Vodacom, a mobile operator in South Africa, is another success story. The company introduced Voice Password for customers using the My Vodacom app, and for those calling in to the Vodacom call center. Instead of requiring customers to tap in a lengthy PIN or password string, or endure a string of security questions, Vodacom now provides voice biometrics so that customers can speak a simple passphrase to verify their identity.
