As cyber criminality and fraud against banks continue to be prevalent, banking organisations worldwide are realizing the need for more effective due diligence in managing inbound customer contacts via voice calls or web chats.
First National Bank of Omaha (FNBO) is among the many consumer and commercial banks facing these challenges. In recent years, FNBO has undergone a significant transformation in how it identifies and verifies its customers by partnering with emerging voice security specialist Pindrop.
Founded in Nebraska in the US during the 1850s, FNBO now operates a full-service retail and business banking operation across America’s central Great Plains region. With over $30bn in assets, FNBO serves a wide range of customers, including those using Visa and Mastercard credit cards issued by FNBO on behalf of various commercial partners.
Steve Furlong, the Director of Fraud Management at FNBO, faces the core cyber security challenge of ensuring customer verification. The focus is on authenticating the true cardholder and preventing fraudulent activities such as man-in-the-middle attacks or deepfake impersonations.
Historically, Furlong’s approach to fraud prevention involved robust knowledge-based authentication (KBA) processes, which could sometimes inconvenience legitimate customers. However, with the evolution of customer expectations and the need for smoother interactions, FNBO sought a more streamlined solution.
Data requests
FNBO’s collaboration with Pindrop began about five years ago, aiming to enhance in-the-moment customer authentication and verification. Despite initial challenges with an on-premise solution, the transition to Pindrop’s cloud-based Passport product proved to be beneficial for FNBO.
Addressing the verification challenge
The implementation of Pindrop’s Protect and Passport products at FNBO’s contact centers has significantly improved the authentication process without causing inconvenience to customers. The seamless integration and data-driven authentication scoring have enhanced fraud detection capabilities.
Frictionless verification
Customers at FNBO have experienced a smoother authentication process with Pindrop’s technology, resulting in quicker interactions without compromising security. The integration of authentication scores and data points has enabled proactive fraud detection.
A partnership for the future
The collaborative partnership between FNBO and Pindrop has been instrumental in addressing evolving fraud challenges. FNBO’s proactive approach to leveraging Pindrop’s solutions, including the detection of deepfake fraud, showcases a commitment to enhancing security measures.
Looking ahead, FNBO and Pindrop continue to explore advanced voice security measures, such as live call transcription and analysis, to identify potential fraudulent activities and protect customers from scams.
