Adeptra, the recognised leader in automated contact and resolution services to companies engaged in consumer credit and risk management, today announced that Co-operative Financial Services' (CFS) adoption of its Auto-resolution technology to tackle fraud, has led to unrecoverable card fraud losses falling by 70%.
Since implementation, CFS has reported a 35% reduction in fraud.
Using Adeptra Auto-resolution to contact customers to verify suspected cases of fraud, CFS now makes around 12,000 calls every month, most of which are new calls that fraud analysts were unable to make previously. Loss per case has fallen by 50%, largely because the system is getting to fraud cases quicker, and call centre operators are able to concentrate on the high-risk calls that they are trained for and find more satisfying.
Martin Kent, MI and analysis manager at CFS Financial Crime Management commented: "We could see card fraud increasing in line with the industry-wide rise of 14%, and recognised that we needed to become more efficient in dealing with fraud, and to reduce our exposure through an automated solution." He continued: "Adeptra was the obvious choice due to its impressive track record, integration ability and its domain expertise in fraud - and card fraud in particular."
The project has delivered unprecedented payback and, partly thanks to CFS' proactive customer communications and bond with its customers, the self-service solution has been well received. As Adeptra delivers its Auto-resolution system in a hosted environment avoiding the complex issues of integration and testing, the project was delivered with minimum disruption to CFS' existing business, reducing internal costs and allowing CFS to maintain only a small project support team.
Lou Venezia, CEO of Adeptra commented: "With recent APACS research suggesting that UK fraud losses on debit and credit cards increased by 14% in 2008, smart organisations like CFS are turning to Auto-resolution to intervene immediately to greatly reduce the time gap between the suspected activity and the customer being informed." He added: "Working with Adeptra, CFS is tackling this rising tide without the financial and time considerations associated with employing a significant amount of extra resource. Ultimately CFS is providing superior customer service through the increased peace of mind that it is adopting the most sophisticated and timely solutions to keep its customers' money safe."
Prior to launch, CFS conducted considerable customer communications to increase awareness of the solution, including messages on statements, information on the website and internal communications. CFS also worked with Adeptra on the script, quickly informing customers who the call was from and what it was concerning, so customers could be assured that it was not a spoof call. Customers can also easily switch out of the system at any point and talk to an agent - although most are more than happy to complete the entire transaction through the automated system.