Behavox Demystifies How Leading Financial Institutions Uncover Fraud in Voice Communications

This week, compliance professionals convened for the final Behavox webinar of the year to explore how technology can unearth fraudulent activity that’s hiding in voice communications.

With voice channels 10 times more likely to harbor fraud than text-based channels, such as email and instant messaging, enterprises are rightly prioritizing the addition of more effective monitoring solutions.

“Customers aren’t seeing voice monitoring as a checkbox exercise anymore, they actually want to find bad actors and illicit activity,” said Michael Talbert, Head of Project Management at Behavox. “We’ve seen an explosion in terms of the number of projects that we’re doing across the globe, particularly for large financial institutions that are increasingly becoming interested in voice.”

Once voice data is captured and ingested into Behavox, proprietary algorithms analyze the content for different categories of risk and alert teams to any problematic content for review.

This approach is much more effective than conducting random sampling of voice data, whereby reviewing just 1% of communications can result in compliance teams manually listening to hours of irrelevant content. Instead, Behavox uses artificial intelligence to pinpoint problematic content that’s hiding in voice communications, enabling an efficient review process.

“Our customers want to move away from the random sampling and actually pull in all of the voice data that is accessible in their organization so that they can run analytics that’s available in Behavox to identify fraudulent activity in their data,” continued Talbert.

The webinar followed the recent publication of an article in the Financial Times, featuring Behavox CEO, Erkin Adylov and Chief Customer Intelligence Officer, Fahreen Kurji, about the increased risk of fraud posed by voice communications.

Despite fraudulent activity being ten times more likely to occur over voice channels, regulators are unclear in their guidance on monitoring voice. FINRA suggests that firms conduct a random sampling of their ecommunications data if a firm is not confident in their monitoring program, however, what constitutes an appropriate sample is not clear. 

This has left firms conducting random samples that are typically around 1% of communication data that rarely, if ever, result in fraudulent activity being identified.

The only way that firms can truly prevent fraud happening over voice communications is to ingest as much data as possible and use AI-powered algorithms to alert compliance teams to illicit activity.

To learn more about how Behavox and Red Box are helping global enterprises capture and monitor voice communications to unearth fraudulent activity, watch the webinar in full here.