The South African Fraud Prevention Service (SAFPS) and biometric authentication solutions provider OneVault have announced a partnership that will see the entities offer a fraud detention solution.
SAFPS says as technology advances, the opportunities for fraud are increasing exponentially as fraudsters become more sophisticated in their actions. It notes that to combat fraud, response time and the use of reliable verification data are key determinants of success.
Yesterday, the company said it had entered into an agreement with OneVault to make use of its LumenVox passive voice biometric and fraud scanner authentication platform, which it says will boost the ability to combat fraud in the country.
“SAFPS have made significant investment into their technology infrastructure and have appointed Pivotal Data to provide them with a fully hosted, state-of-the-art, contact centre technology that will allow them to provide their members with enhanced services and solutions.”
SA has, in recent months, been hit by a spate of online and app crimes, according to the South African Banking Risk Information Centre.
The organisation says phishing, vishing (voice phishing), SMishing (SMS phishing) and e-mail hacking or business e-mail compromise are the most prominent fraud types affecting the digital banking space.
Manie van Schalkwyk, executive director of the SAFPS, believes the new solutions will help detect some of these crimes beforehand.
He explains: “The SAFPS will be rolling out passive voice authentication within the company and we are confident this will take the SAFPS into the 21st century.
“Making use of this technology will allow the SAFPS to have a centralised fraud database which it can always refer to when it comes across suspicious cases. This will allow us to offer our members, and the public, a level of protection that was difficult to come by in the past.”
Van Schalkwyk says the technology will also be made available to its members, which can then enrol their customers via the network of call centres across the country.
“The advantages of this technology to our members are obvious. Not only can our members be sure they are either talking to the correct person, or identify a potential fraudster, they can also offer a new, desperately needed, level of customer service. If rolled out properly, call centre agents won’t have to go through the normal security checks when talking to a customer,” says Van Schalkwyk.
Vanda Dickson, business development and strategy head at OneVault, says using passive voice authentication along with fraud scanner will give the SAFPS a significant advantage in the fight against fraud.
“Using passive voice authentication in combination with real-time watch list functionality will allow SAFPS to make use of real-time identification to verify whether they are talking to the correct person and if this person appears on a current or known watch list.
“This is a major development in the fight against fraud. As the custodians of fraud prevention in the country, the SAFPS is not only increasing its relevancy, but it is adding significant value to its members at a time when it is desperately needed.”
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