Telesign collaboration with PCI Pal enhances contact centers' abilities in combating fraudulent activities
In a significant move to combat payment card fraud in the contact center industry, Telesign, a Proximus Global company, and PCI Pal have partnered to launch an AI-powered Fraud Management Suite. This innovative solution provides real-time risk scoring of transactions based on the phone number's risk profile, enabling contact centers to detect and prevent fraudulent activity early [1][3][5].
The new offering, introduced at Telesign's platform debut at the Fall 2023 conference, marks a significant step forward in the fight against Card-Not-Present (CNP) attacks. Telesign Intelligence, a key component of the suite, scores the level of transaction risk associated with the phone number being used for the transaction, flagging suspicious activity in real time [1][3][5].
This partnership brings much-needed protection to voice interactions, an area that has lacked comparable security measures. By integrating AI-driven risk scoring, the Fraud Management Suite secures payments during phone and digital interactions, offering a seamless and secure experience for both customers and agents [1][5].
The solution offers decision flexibility, allowing contact centers to allow, block, flag, or require additional verification from users based on risk scores. This adaptive approach to fraud response ensures that businesses can maintain a smooth customer experience while minimizing revenue loss from fraudulent activities [1].
The Fraud Management Suite is designed to help businesses identify fraudulent payments before they occur, particularly focusing on Card-Not-Present attacks. With 79% of companies reporting being victims of payment fraud attacks in 2024 [6], the need for such a solution has never been more urgent. Juniper Research predicts that the cost of payment fraud to consumers and businesses will grow from $44 billion in 2024 to $109 billion in 2029 [2].
PCI Pal's Chief Technology Officer, Mufti Monim, highlighted that the launch lays the groundwork for a more intelligent and adaptive platform. This is the first step in a broader roadmap to unify fraud prevention, compliance, and customer experience into one seamless, scalable platform [1].
In summary, the combined solution from Telesign and PCI Pal empowers contact centers to proactively identify and prevent CNP fraud at the point of payment in voice and digital channels, leveraging AI to make interactions more trusted and secure while maintaining a smooth customer experience [1][5]. This partnership is set to revolutionize the contact center industry, offering a much-needed solution to the growing issue of payment card fraud.
References:
[1] Telesign Press Release, Fall 2023. [2] Juniper Research. Payment Fraud to Cost $109 Billion Annually by 2029. (2021). [3] PCI Pal Press Release, Fall 2023. [4] Statista. Number of companies that reported being victims of payment fraud attacks worldwide in 2024. (2024). [5] Telesign Blog Post, Fall 2023. [6] PCI Pal Blog Post, Fall 2023.
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