Russian non-state pension funds fight fraudsters using STC biometrics

Russian non-state pension funds (NSPFs) implemented VoiceKey.FRAUD voice recognition system by STC Group. The system is already in the service of two non-state SAFMAR Financial Group pension funds. It is designed for revealing actions performed by unscrupulous agents.

SAFMAR and DOVERIE pension funds use signature verification of compulsory pension insurance agreement. NSPF verifies all clients to confirm the agreement signing fact and client’s consent to transfer pension savings to the fund. Verification includes control calls to potential clients. In this stage the fund cannot totally avoid and block fraudulent actions made by unscrupulous agents. Unscrupulous agent fills a fake telephone number into an applicant’s form and answers the control call confirming the transfer of pension savings to NSPF.

 VoiceKey.FRAUD helps to detect the fraudulent cases using voice biometrics. Call recordings from the NSPF call center are downloaded to VoiceKey.FRAUD which extracts all clients’ speech, uses received data to create biometric templates and compares them with the database. If some voices belonging to different clients are matched, the system notifies NSPF security office.

Andrey Konstantinov, Head of risk management service of Safmar NSPF:

‘’Safmar Group has used VoiceKey.FRAUD since 2014 and it has already proved its efficiency. This solution makes it possible to detect issues connected with unscrupulous agents’ activity, decreases reputation and license risks and helps to avoid costs’’.

Alexey Zakrevskiy, Head of business development of STC Group:

‘’Financial institutions including banks and pension funds require high information security. So it doesn’t take much time to pay off the solution like VoiceKey.FRAUD, because data protection relates directly to money protection’’.

Nowadays, SAFMAR pension fund is a part of the SAFMAR Financial Group, one of the largest financial groups (earlier BIN) in Russia, which includes major banking assets (B&N Bank, MDM Bank), a leading insurance group (VSK), one of the Russia’s largest leasing companies (Europlan), as well as a major real estate and real estate development assets. The fund is a member of the system which guarantees the rights of insured and has the highest reliability rating A++ from the leading Russian rating agency Expert RA (RAEX). It is a member of the Association of Non-State Pension Funds (ANPF) and the Association of European Businesses (AEB).

STC Group is the leading developer of voice and multi-modal biometric systems, as well as solutions for audio and video recording, processing and analysis. With more than 25 years of research, development and implementation experience, STC Group is well known for solutions implemented by some of the largest international companies in banking, security, telecom and public sectors.