WEBCAST

U n d e r s t a n d i n g F r a u d( S a m p l e s c e n a r i o s )

SCENARIO I – CREDIT & DEBIT CARD TRANSACTIONS

Challenge:

Credit card and debit card fraud resulted in losses amounting to $11.27 billion (annual)

Card issuers and merchants incurred 63% and 37% of those losses, respectively

Root cause:

ATM cards can be skimmed PINs can be stolen

Source: Nilson Report, 2013

SCENARIO II – ONLINE TRANSACTIONS

Challenge:

An average of over 37,000 phishing attacks happens per month with the worldwide attacks costing more than $1.5 billion

Evolution of attack tactics facilitate sustained increase every year

Root cause:

Weak online passwords Vulnerable PC, laptops & smart phones

Source: Fraud Report by RSA (EMC), 2013

SCENARIO III – TELEPHONE BANKING

Challenge:

Victims of a telephone banking scam have been conned out of £650,000 within six weeks

Royal Bank of Scotland managed to recover £120,000 and the rest had to be reimbursed

Root cause:

Fraudsters pose as bankers and extract sensitive information

TPIN & personal details, which can be shared, suffice to make transactions

Source: BBC News, August 2014

SUMMARY - THE SECURITY CHALLENGE

• 75% of big companies globally have been affected by fraud in the last 12 months

• 50% of organizations classify themselves as “highly vulnerable to information and identity theft”

•The global cost of fraud and identify theft is now estimated tobe over $200 billion per year

How can your organization prepare to deal with these threats?

R o o t c a u s e o f F r a u d

ROOT CAUSE OF FRAUD

CARD FRAUD

IDENTITY FRAUD

INTERNET FRAUD

SPYWARE FRAUD

TELEPHONY FRAUD

VIRUSES

INVESTMENT FRAUD

CHEQUE FRAUD

KYC FRAUD

Every 2 seconds, there’s a new identity fraud victim 32% of identity theft victims discovered a family member or relative was responsible

for stealing their identity 18% are victimized by a friend, neighbor or in-home employee

HOW BANKS ARE SOLVING THIS PROBLEM?

LIMITATIONS:

- Small pins are easily stole, while large pins are difficult to remember

- PINs are often shared with friends and family

PIN LIMITATIONS:

- Callers have to waste precious time waiting to speak to an agent and undergoing interrogation

- Many answers can be guessed by random individuals

Personal Questions

Organizations spending billions on solutions

• For example, contact centers spend $12.4 billion every year in caller verification• Maximizing support services to avoid fraud

• Repaying huge amounts money to customers whose accounts were hacked

SOLUTION 1: SOLUTION 2:

SO, WHAT CAN WE DO ABOUT THIS?

How do Banks SIMULTANEOUSLY

1. enable robust security and protect against fraud

AND

2. create an a positive verification experience for the caller

H o w c a n B a n k s a v o i d I d e n t i t y T h e f t ?

To understand how leading banks overcome these challenges and defend against fraud, watch the full

webcast online here: http://speechmobility.uniphore.com/banking-fraud-

prevention-Webinar

WEBCAST ONLINE

> Pioneer in Indian Language Speech Recognition and Voice Biometricssolutions on a Cloud (with 2 Patent-pending innovations)

> India’s leading and only provider of commercially used Voice Biometricsplatform used for Banking and Payment Transactions.

> 7 years old with over 50 paying customers; 4.5 millions end users through ourenterprise customers

> Uniphore’s accolades so far include:

-Deloitte Technology Fast 50 (India) – 2014

-Featured in NASSCOM and F&S “Product Excellent Matrix” - 2014

-Gartner’s Cool Vendor Award – 2013

-Deloitte India’s Technology Fast 50) - 2012

-Frost & Sullivan’s Entrepreneurial Company of the Year - 2012

UNIPHORE

Q & A

For more information, contact us at info@uniphore.com