USAN Visual IVR Sets a New Standard for Global Banking Excellence

Published February 23, 2021

The Challenge

A top 5 U.S. bank faced a critical challenge in detecting and preventing fraud across its extensive credit card portfolios. Existing tools were insufficient, and the absence of a centralized system led to slow investigations, manual data re-entry, and a lack of knowledge transfer between fraud agents. The bank needed a comprehensive solution to identify and monitor fraud rings, track related activities, and prioritize work effectively.

The bank’s decentralized, manual process hindered their ability to combat fraud efficiently. Existing tools lacked the capability to identify larger fraud rings, making it challenging to manage and prevent losses due to fraudulent activities.

The Solution

In response to the challenge, the bank turned to USAN, which delivered “Fraud Vision.” This solution tracked non-monetary activity across portfolios, automatically identified fraud, and provided a centralized platform for rapid investigation. Integrated knowledge storage and fraud ring case management improved information tracking and sharing among investigators. Fraud Vision’s real-time notifications and watch list feature enabled the bank to detect and address fraud activities across multiple channels before any losses occurred.

The implementation of Fraud Vision was swift, and its omnichannel readiness facilitated seamless integration with existing IVR, web, and digital channels. Compatibility with existing fraud detection software and third-party solutions ensured a comprehensive and efficient solution.

The Outcomes

After implementing Fraud Vision, the bank achieved notable and lasting outcomes, including swift investigation of unusual activities, automated creation of cases for fraud rings, enhanced collaboration through centralized knowledge and investigations, effective prioritization of high-risk activities leading to the prevention of potential fraud losses, detection of 50% of fraud activity missed by other tools, and the prevention of a quarter of fraud losses by identifying issues before any actual loss occurred.

By the numbers, the Fraud Vision system has been in production for over a decade with a top 5 U.S. bank. It successfully detects over 8,000 accounts with fraudulent activity, equivalent to up to $100 million OTB monthly. The system identifies 50% of accounts before any fraud loss occurs and is currently deployed across more than 100 million contacts and 10 million accounts. Remarkably, it has effectively reduced fraud loss on compromised accounts to zero in many cases.

Fraud Vision not only transformed the bank’s ability to combat fraud effectively, but also streamlined customer interactions, reducing overall fraud losses and deterring fraudsters. The success story showcases a decade-long partnership that has significantly enhanced the bank’s security measures while simplifying customer experiences.

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