Behavox Finds Financial Services Fraud 10 Times More Likely on Voice Platforms Than in Text-Based Communications
Behavox, which provides insights to protect enterprises and their employees from illegal, immoral, and malicious behavior, released proprietary workplace data that found rogue trading in the financial services industry has soared over voice communications platforms such as Zoom, Microsoft Teams, Red Box, and Cloud9.
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“Rogue traders are wising up and moving their conversations to video platforms and the telephone from written text communications,” said Erkin Adylov, founder and CEO of Behavox. “Voice platforms are the new dark alley of financial fraud.”
Behavox uses advanced artificial intelligence and machine learning to enable enterprises to organize and refine their employee communications data into actionable information. Its speech transcription rivals Siri and Alexa, and functions in multiple languages. Behavox has found that the use of voice platforms has increased 94 percent year-over-year and that on average almost a third of all workplace communications take place via phone or video conference calls. However, many financial firms are still hesitant to implement a sufficient voice monitoring strategy, citing that it’s not a serious regulatory requirement.
“Regulators have failed to fully realize that fraud can hide behind the digital curtain and that as communication and collaboration channels have multiplied, compliance risk has surged,” said Fahreen Kurji, Chief Customer Intelligence Officer at Behavox. “Voice communications are too dangerous to ignore.”
As legacy voice surveillance solutions tend to advocate a random sampling approach, compliance teams are often reviewing just one percent of calls. In contrast, Behavox uses unsupervised machine learning with no human intervention, which allows it to monitor a far broader base of employees more effectively, without personally identifiable employee information.
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Examples of rogue activity that Behavox has detected include money laundering and insider trading.
Adylov concluded, “Global regulators need to prioritize weeding out the crime and fraud that is hiding in voice channels and the means to do so are now readily available.”