SOURCE: Victrio

October 15, 2008 12:54 ET

Victrio Launches Voice-Based Call Screening System to Stop Credit Card Fraud and Identity Theft

MOUNTAIN VIEW, CA--(Marketwire - October 15, 2008) - Credit card thieves often talk their way into getting online merchants to ship them products. Now Victrio wants to use the criminals' own voices to stop them.

Today the company introduced a new credit risk management solution that identifies fraudsters by their voice during credit card authorization phone calls. It works by comparing the caller's voice against a database of known criminals. If there is a match, authorization can be denied before the damage is done. The company is targeting big-ticket online merchants as well as banks and other credit card issuers.

Victrio complements current fraud protection systems, like rules-based engines for online retailers and Fair Isaac's Falcon Fraud Manager for credit card issuers and banks. These systems flag suspect transactions and trigger an authorization phone call. The problem is that whether you screen out a career fraudster today or not, the same criminal will come back tomorrow to try again with a different stolen credit card or identity. And they keep coming back.

"Online merchants get really excited about Victrio because until now there was no other way to connect all these different fraud incidents to a common thief," said Tony Rajakumar, founder and CEO of Victrio. "This is the first technology that can actually target the career fraudster. Even if the criminal goes off and buys a fresh batch of stolen identities or gets a new Internet address and PC, we can stop him. Once he opens his mouth, we've got him."

Online merchants, banks and credit card issuers are well aware that credit card fraud is a repeat crime. This means Victrio can deliver immediate payback, because at the end of a screening call agents know if it is a fraudster that has fooled them before. Victrio also solves another more sensitive problem, the so-called friendly fraud by a household member. Merchants that may be reluctant to confront high value clients can discretely prevent it from reoccurring using the Victrio voiceprint risk management system.

Victrio's impact on credit card fraud will grow rapidly beyond helping individual clients fight repeat fraud. The company plans to pool information across its client base to build the world's largest fraud voiceprint database. This will stop known criminals from their first attempt.

Victrio advisor Louie Gasparini agrees, based on what he has seen in the last 12 years helping banks and retailers get control of fraud originating from Web transactions. The former CTO for RSA Consumer Solutions and SVP of Internet banking for Wells Fargo Bank notes that as you clamp down on Internet fraud, the pressure mounts on the call center, where risk agents try to filter out the crooks from legitimate customers' transactions based on a phone call. And that is a much tougher problem.

"These criminals are good, slick con artists that can sweet talk the agent," said Gasparini. "Once they get it down they do it over and over again. Identifying fraudsters by their voice is a great tool to manage risk in an area that until now has been tough to control, the call center."

The Victrio voiceprint call screening process is completely transparent to customers. In fact, it will enhance the experience for legitimate customers. A suspect Card Not Present authorization call for a Web purchase can take 20 minutes. Since most of the time these are legitimate transactions, this can be frustrating for the cardholder. Even worse, current practices are not very effective at preventing fraud. With Victrio, authorization calls can be shorter, improving customer satisfaction, reducing agent costs per call and stopping fraud more successfully.

Merchants, banks or credit card issuers can easily deploy the Victrio voiceprint risk management system. With the Victrio zero IT deployment model, all that is required is a phone and a browser. Victrio does the rest with a fully hosted solution using the Software-as-a-Service (SaaS) model. The company also offers an open API that makes it easy to integrate with popular call center platforms such as Aspect.

About Victrio

Silicon Valley-based Victrio has a patented, advanced, credit risk management system that uses voiceprint recognition technology to fight credit card fraud for online retailers, and identity theft for banks and other ecommerce providers. The Victrio voiceprint screening process works transparently to customers when agents call them to check on a suspect transaction and provides real-time fraud alerts. Founder and CEO Tony Rajakumar is a technologist specializing in voice recognition.

Mark Goines is a board advisor to Victrio. Goines is the former chief marketing officer of PassMark Security, the company behind Bank of America's Sitekey that was acquired by RSA Security in 2006. Formerly, Goines was general manager of the consumer division of Intuit (Quicken).

More information is available at www.victrio.com.

Contact: Deb Montner, Montner & Associates, 203-226-9290, dmontner@montner.com

Montner & Associates is a full service high tech PR agency.

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