BANK IMPROVES
FRAUD RESOLUTION
EXPERIENCE WHILE
Case Study
WHO?
One of the largests banks in the U.S.
The bank aimed to give customers a better experience when their purchases were flagged for potential fraud. Too often, it failed to provide customers clear, timely explanations for why their transactions got declined, and these frustrating incidents damaged the customer’s relationship with the bank. The bank sought the capability to proactively flag suspicious charges and provide resolution to cardholders in real time via text message or voice call.
WHAT?
With CSG's help, the bank used intelligent decisioning based on risk assessment to contact cardholders via voice and/or SMS. Voice calls used speech synthesis and recognition technologies to establish contact and screen transactions. If fraud was suspected, calls were transferred to fraud agents, who then received context on the interactions. SMS notifications followed a similar verification path where the cardholder was notified and given an opportunity to verify a purchase, which helped ensure more of these legitimate transactions got completed rather than abandoned. The automated notifications reduced the bank’s costs, increased revenue and allowed its fraud agents to focus on legitimate fraud threats.
HOW?
reduction
in legitimate fraud cases
RESULTS
Millions of views each month generating thousands of downloads to
1.4 Million Subscribers
REDUCING COSTS
1 MILLION SUBSCRIBERS
reduction
in average cost per call
reduction in inbound fraud-related customer contacts
customer satisfaction rating for the fraud experience
25%
46%
12%
95%
The bank’s robust fraud experience helped protect more cardholders while vastly reducing costs.
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reduction
in legitimate fraud cases
RESULTS
With CSG's help, the bank used intelligent decisioning based on risk assessment to contact cardholders via voice and/or SMS. Voice calls used speech synthesis and recognition technologies to establish contact and screen transactions. If fraud was suspected, calls were transferred to fraud agents, who then received context on the interactions. SMS notifications followed a similar verification path where the cardholder was notified and given an opportunity to verify a purchase, which helped ensure more of these legitimate transactions got completed rather than abandoned. The automated notifications reduced the bank’s costs, increased revenue and allowed its fraud agents to focus on legitimate fraud threats.
HOW?
The bank aimed to give customers a better experience when their purchases were flagged for potential fraud. Too often, it failed to provide customers clear, timely explanations for why their transactions got declined, and these frustrating incidents damaged the customer’s relationship with the bank. The bank sought the capability to proactively flag suspicious charges and provide resolution to cardholders in real time via text message or voice call.
WHAT?
One of the largests banks in the U.S.
WHO?