Norwalk, CT – December 1, 2011 –  Adeptra, the leader in auto-resolution technologies, and TrustID, which enables financial organizations and businesses to physically authenticate consumers contacting their call centers, have announced a technology partnership that will improve the ability of financial institutions to identify and prevent telephone-based fraud.

The two companies have integrated their product sets, bringing Adeptra’s Decision Engine together with TrustID’s Automatic Caller Authentication to create a robust solution for credentialing each caller’s identity while simultaneously detecting and preventing caller-ID and Automatic Number Identification (ANI) spoofing.  The joint solution is already being used by a number of the world’s largest financial institutions.

This new integration and partnership is part of Adeptra’s unique Fraud Ecosystem – a range of solutions, best practices, and technologies that cover the breadth of fraud prevention from detection and investigation through to recovery and analysis.

The rise in identity theft means financial institutions can no longer entirely trust caller-interrogation procedures as a means of validating a caller’s identity.  Financial institutions need new, fast, and non-intrusive methods of authenticating telephone-based transactions.

How it works

TrustID’s authentication process operates on the premise of “something you have”; a method of verifying a customer’s identity based on their ability to produce something physical that they are known to possess – in this case their fixed telephone line or cellular device.

TrustID authenticates every call made to a financial institution by using sophisticated telephone network forensics to verify that the claimed device is actually calling the call center at that moment. Based on this determination, it tags the source of the call as validated or potentially spoofed before the call is answered. 

TrustID passes this determination to Adeptra Decision Engine, which correlates it with – and adds it to – other customer data held in different systems across the organization. If a call is identified as potentially spoofed, Adeptra Decision Engine determines how it should be handled – for example, whether it is answered by an agent (who is now armed with the knowledge that it’s a validated customer or a potentially fraudulent call) or passed to IVR.

Benefits

The combination of TrustID and Adeptra Decision Engine presents many benefits to financial institutions and their customers, including:

• Minimize business risk:  The ability to detect, address and prevent telephone fraud before it occurs reduces fraud-based losses and improves consumer confidence.
• Reduce contact center costs: By shortening authentication procedures for unvalidated calls, and enabling suspicious calls to be addressed in a more cost-effective manner, the joint solution can reduce call center costs by 20%.
• Combat telephone-based fraud:  The joint solution works to combat several types of fraud including identity theft, voice phishing, social engineering, line takeover and account breakout.
• Improve customer experience: As the authentication process takes place before the call is answered, it ensures a faster and more pleasant experience for genuine callers.

Tony McGivern, CTO, Adeptra, said: “Our partnership with TrustID marks a significant step forward in financial institutions’ ability to combat fraud, reduce risk and increase consumer confidence. Knowing that an inbound call is coming from the genuine cardholder or account holder’s telephone is a reliable and practical authentication and a major contributor to fraud prevention.”

Patrick M. Cox, CEO for TrustID said: “Adeptra is the recognized leader in decision-making for real-time consumer communications.  By integrating our technologies we can not only reduce the risk of fraud for our financial institution customers, but also significantly reduce call handling times and contact center costs.  That means the joint solution can pay for itself quickly, while creating a platform for better customer service and increased customer confidence.”

About Adeptra

Adeptra is the global market leader in Auto-resolution™: technology that automates key call center interactions through an intelligent decision engine to reduce their cost and dramatically increase performance. Applications are fully integrated, industry-specific solutions for business processes such as fraud detection, payment reminders and opt-in marketing.

Adeptra is able to manage thousands of customer engagements simultaneously and achieves higher levels of portfolio penetration to produce significantly better results than human agents alone. The resolutions it secures are delivered into clients’ computer systems for reporting and analysis.

Among its many customers, Adeptra is used by the majority of leading retail banks across EMEA, North America and APAC. It occupies a premium position in the market by continually reinvesting in its technology, operations and service structure. The company’s commitment to the highest standards of data security compliance was recently re-confirmed, as Adeptra became the first Interactive Voice Messaging organization to meet both Payment Card Industry Security Standard (PCI DSS) v1.2 and ISO27001 standards on a global basis. For more information, visit www.adeptra.com.

About TrustID

Founded in 2007, TrustID^® helps financial institutions and other enterprises conducting telephone-based commerce to authenticate callers with physical “something you have” authentication while combating the growing threat of phone hacking and Caller ID and ANI Spoofing. The first technology to address telephone originated social engineering security breaches, TrustID’s patent-pending physical caller validation solution accelerates the authentication process to pre-answer, validating ID with physical information without sole reliance on knowledge based authentication “something you know” and the risky handling of personally identifiable information (PII.)

TrustID’s customers across financial, healthcare, retail and telecom industries can aggressively mitigate call center expense and fraud as well as minimize operational and regulatory risk while building brand loyalty and driving additional revenue.

Privately-held, VC-backed TrustID^® is based in Portland, Oregon.

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Leading European bank adopts core elements of Adeptra’s Fraud Ecosystem technology and best practices

Reading, UK – 30 November 2011 – Adeptra, the market leader in auto-resolution, has been awarded a Banking Technology award for its recent security initiative at Santander. The industry award celebrates excellence in the deployment of technology in the banking and financial services arena and acknowledges individuals who have made an outstanding contribution to the industry.

The joint submission from Adeptra and Santander fought off tough competition from industry competitors.  The winning entry highlighted the company’s use of Adeptra’s Auto-resolution™ anti-fraud solution, which initiates a call to the consumer in real-time. The success follows just a few months after Adeptra’s success in the Credit Today Awards, also with Santander.

Karen Tyler, head of fraud at Santander, said: “This highly respected award for such a strategic project is a great accomplishment for Santander. The successful implementation of Adeptra Auto-resolution has helped us to revolutionise our approach to fraud detection, while helping to deliver an unrivalled service to our customers.”

The Santander solution is a cloud-based enterprise-wide fraud and automated engagement solution, encompassing all transactions and activities that occur across consumer portfolios. It allows the bank to view consumers as individuals by looking at all the activities relating to that person, and not just at the transactional risk level.  Individual consumers are engaged personally with communications designed to add value to the relationship as well as to decrease risk and strengthen collections – such as timely account update confirmations.  These personalised notifications, status updates and follow-up messages all contribute to a more satisfying experience for Santander consumers.

As a direct result of the implementation of Adeptra Auto-resolution technology, Santander now typically makes contact with consumers within 30 seconds of any point of sale transaction, delivering significant improvements in the speed of fraud detection. These enhancements to fraud notification and resolution processes have resulted in greater protection of consumer funds as well as improved consumer satisfaction levels.

The Santander solution also harnesses Adeptra’s sophisticated Decision Engine technology. Adeptra Decision Engine automatically pre-screens accounts eliminating the manual aspect of the process. It analyses disparate consumer-related data sets before consumer communication occurs to determine whether a communication is required, and in which case what type of communication it is and how it should be handled.

Bill Brown, director of Worldwide Product Strategy for Adeptra commented:  “This award validates the Adeptra Auto-resolution proposition, including our Fraud Ecosystem best practices and technologies covering detection, investigation, recovery and analysis.  It’s also recognises the combined efforts of Santander and Adeptra to increase customer service and security. We are continuing to work together to deliver accurate and real-time conversations that reduce the bank’s exposure to fraud losses while providing even greater improvements to the consumer experience.”

The Banking Technology Awards (http://awards.bankingtech.com) ceremony took place on 10 November at the Grand Connaught Rooms in London, and included some of the biggest brands in the banking and financial services industry.

More details of Adeptra’s Fraud Ecosystem approach and best practices can be found at:  http://adeptra.com/what-we-offer/fraud-processing/.

About Adeptra

Adeptra is the global market leader in Auto-resolution™: technology that automates key call center interactions through an intelligent decision engine to reduce their cost and dramatically increase performance. Applications are fully integrated, industry-specific solutions for business processes such as fraud detection, payment reminders and opt-in marketing.

Adeptra is able to make thousands of customer engagements simultaneously and achieves higher levels of portfolio penetration to produce significantly better results than human agents alone. The resolutions it secures are delivered into clients’ computer systems for reporting and analysis.

Among its many customers, Adeptra is used by the majority of leading retail banks across EMEA, North America and APAC. It occupies a premium position in the market by continually reinvesting in its technology, operations and service structure. The company’s commitment to the highest standards of data security compliance was recently re-confirmed, as Adeptra became the first Interactive Voice Messaging organization to meet both Payment Card Industry Security Standard (PCI DSS) v1.2 and ISO27001 standards on a global basis. For more information, visit www.adeptra.com.