Fraud has been a problem faced by financial services since its conception. However, old problems cannot be combated by outdated solutions – innovative approaches are required to beat financial services fraud both in the present and future. New ideas driven by software such as LexiQal integrate voice recognition technology with Artificial Intelligence and machine learning. This is providing an updated, continuously evolving anti-fraud strategy to protect financial services from fraud from the earliest possible moment.
What are the roles of voice recognition and machine learning in fraud prevention?
Video and audio data have long been viewed as challenging in both data collection and analysis. The use of human-powered processes alone is incredibly time-consuming, and often erroneous, presenting a less-than-ideal approach to combating problems such as fraud.
What is voice recognition AI?
Voice recognition AI technology covers several different processes, including Conversational AI, Natural Language Processing (NLP), and Automatic Speech Recognition (ASR). Utilised both individually and collaboratively, these processes can facilitate the implementation of the most up-to-date fraud prevention. Combined with machine learning, voice recognition AI can be utilised to effectively combat fraud as early as the first call.
What is machine learning?
Machine learning describes the process of automating the evolution of technologies, enabling them to combat issues such as fraud far more effectively. Instead of progress being fuelled by human efforts, machine learning can take over the process and develop systems rapidly, keeping pace with the quickly evolving nature of organised fraud. This ensures that finance companies are not left as vulnerable to fraud attacks.
What can AI technology recognise?
AI technology has been developed in collaboration with law enforcement behavioural experts by companies such as LexiQal. The detection of behavioural features and speech characteristics is key to fraud prevention, especially over the phone or on video. Hedging, negation, or hesitancy can all indicate potential fraudulent intent, especially when paired with over-emotional or intense language. While customer service agents continue to provide high-quality service, AI works in the background to identify these features and alert the relevant staff to the potential presence of fraud.
How are these technologies transforming fraud prevention strategies?
Progress within voice recognition and AI technology has opened new doors to the application of video and audio data. Change in the finance sector has accelerated in recent years. This can be credited to both technological development and external factors such as the Covid-19 pandemic. Instead of traditional, face-to-face discussion and selling of financial services, trade floors, contact centres, and video call applications are dominated by audio and video data. As communication methods have evolved, so have the means used to dissect and apply this data to fraud prevention and beyond.
This is where voice recognition and machine learning technologies find their significance. GPU-powered transcription, boosted by NLP (Natural Language Processing) technology, is granting businesses new opportunities for data organisation and application. The automatic structuring of audio and video data is being applied on trade floors and in online meetings, covering contact centres with far more comprehensive anti-fraud measures.
What additional services benefit from Voice Recognition AI?
The benefits of implementing voice recognition AI and machine learning are in no way limited to fraud prevention strategy. The data collected by these processes can also be applied to customer protection, regulatory compliance, and sales enablement. Understanding the customer experience, how individuals react to sales techniques, and which people need additional support allows finance companies to tailor customer interactions to customer needs. This can be extremely valuable in boosting sales, facilitating a far greater comprehension of the impact of sales strategy.
The more effective collection and processing of video and audio data also assist companies in demonstrating and maintaining regulatory compliance, in an era where restrictions are becoming increasingly complex. Well-organised records can be used to contest fines and provide evidence of correct practice. They can also be used for the better protection of customers. More detailed records of interactions with vulnerable customers can help ensure that they are receiving the correct support and information.
Pressure is being applied to businesses – particularly in the financial sector – to keep their practices in support of the public interest, serving customers with offers that will benefit them the most. This is made possible through a greater understanding of vulnerability, regulations, and sales enablement, alongside non-invasive fraud prevention. Through automating and updating data processing, financial services can ensure their high standards of service are upheld, while simultaneously cracking down on fraud.
