The solutions they offer are typically client-server based, requiring months or even years of installation and training. And what are banks doing according to Ken?
The reality is that banks have a hard time telling if the individual in question was a fraudster or simply someone who wouldn’t or couldn’t pay their bills. It takes work to figure it out, with the effort traditionally performed by fraud analysts working the phones to try to solve it. It’s a costly approach that hasn’t scaled well as identity fraud losses have risen in recent years.As is the way with Blog conversations, one of the comments to that VentureBeat post is very interesting. A guy called Tom Fragala of www.myTrustOn.com quotes a Javelin study on customer attitudes to Fraud, and guess what, the customer sees it as their problem! In my books this means that if companies give the customer the option of adopting a fraud prevention option, they will usually buy into it. With nearly 100% of consumers carrying mobile phones, surely their is a process that can be deployed that could call a customer to ask them to validate a transaction? I don't think I would be giving the game away if I said that VoiceSage were talking to a number of financial sevice organisations about this very issue.