Transaction Fraud Prevention Through Voice Call Location Verification
Find Innovative SolutionsGenerate Solutions
Solution Overview
Problem
Financial institutions face challenges in detecting and preventing fraud-by-impersonation schemes, particularly through voice calls, especially when limited contact with customers makes it difficult to authenticate callers and update contact information, as seen in retirement accounts.
Innovation Solution
A fraud detection computing system authenticates voice callers by prompting them to access a network location via a unique network address, determining the geographic location of the access, and comparing it to the customer's account location to identify potential fraud.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If traditional voice call authentication is used for customers with limited contact (e.g., retirement accounts), then ease of operation is maintained, but reliability of fraud detection deteriorates
Solution Approach 1:
The patent transitions from traditional voice-based authentication to a multi-dimensional verification system that incorporates geographic location data. By adding the spatial dimension (comparing caller location with account registered location), the system enhances fraud detection reliability without significantly increasing operational complexity for legitimate customers.
Solution Approach 2:
The system introduces an intermediary verification mechanism that acts as a mediator between the caller and the authentication process. Rather than directly verifying voice identity, the system uses geographic location data as an intermediary indicator to assess call authenticity, thereby improving reliability while maintaining ease of operation.
2Reliability
If geographic location verification is implemented, then fraud detection capability is improved, but device complexity increases
Solution Approach 1:
The fraud detection system is integrated into the existing financial institution's communication infrastructure, allowing the same system to handle both legitimate customer interactions and fraud detection. This multi-functionality approach avoids creating a separate complex system, thereby improving fraud detection capability while limiting the increase in overall device complexity.
Solution Approach 2:
The system automatically performs geographic location verification and fraud assessment without requiring additional manual intervention or complex configuration. The automated nature of the verification process improves detection capability while minimizing the operational complexity burden on the financial institution.
3Reliability
If real-time geographic verification is performed, then fraud prevention effectiveness is improved, but loss of time in call processing increases
Solution Approach 1:
The system performs geographic location verification in the background during the call setup phase, rather than interrupting the call flow for explicit verification steps. This preliminary action approach allows fraud prevention effectiveness to be improved while minimizing additional call processing time, as the verification occurs concurrently with normal call establishment.
Data Source
AI summary
Various examples are directed to systems and methods for detecting potentially fraudulent voice calls to a financial services institution. A computing system may receive an indication of a voice call placed by a voice caller to an operator. The computing system may generate a network address indicator describing a network location. The network address indicator may be provided to the voice caller. The computing system may receive an indication of a financial services account indicated by the voice caller. The computing system may also receive an indication of an access to the network location by a remote device. The computing system may determine, using the indication of the access to the network location, a first location associated with the remote device and determine that the first location does not match a second location associated with the financial services account. The computing system may generate an alert indicating that the voice call is potentially fraudulent.