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VyStar Credit Union Improves Member Experience, Reduces Fraud with Verint Identity Authentication Solution

May 17, 2019

MELVILLE, N.Y.--(BUSINESS WIRE)--May 17, 2019--

Verint ® Systems Inc. (Nasdaq: VRNT), The Customer Engagement Company ™, announced today that VyStar Credit Union has expanded its partnership with Verint to enhance the security of member information in VyStar’s contact center. * VyStar will be adding Verint Identity Authentication and Fraud Detection to reduce operational costs and protect member identity, while improving the overall experience of VyStar’s over 655,000 members.

With today’s enhanced security on credit cards and online channels, fraudsters are targeting contact centers as a more vulnerable entry point into organizations to gather consumer information and potentially steal their identity and money. At VyStar, multiple layers of protection will be provided by Verint, starting with adaptive fraud analytics, to perform real-time threat analysis prior to the call reaching an agent.

This includes analyzing both telephony and voice self-service behavioral data, where unique characteristics and patterns often give clues ahead of a fraudulent event. Once the call reaches a live agent, the voice is further analyzed through Verint’s embedded voice biometrics, and the customer can be authenticated seamlessly, or identified as a fraudster.

“A fraud situation is a highly emotionally-charged event, one that can either reinforce member trust or potentially destroy it,” said Melissa Thomas, Senior Vice President of Operations and Payments, VyStar Credit Union. “Automating our fraud detection with Verint will help our fraud department achieve incredible time savings over previous manual methods. These new Verint solutions in our contact center can take pressure off the employees by providing proactive fraud indicators in real-time to prevent fraud activity before it begins, while ensuring an excellent member experience.”

As an integrated part of its comprehensive Customer Engagement portfolio, Verint’s Identity Authentication and Fraud Detection offering will help VyStar reduce fraud losses, the amount of time spent authenticating members, and operational costs to detect fraudulent behavior.

“VyStar is excited about the breadth of solutions and depth of expertise Verint brings to the table,” added Chad Meadows, Chief Operating Officer, VyStar Credit Union. “We embrace a partner like Verint that understands our business and is focused on delivering quantifiable business outcomes across multiple member touch-points.”

Verint’s John Goodson, senior vice president and general manager, products, adds, “With Verint Branch Security and Investigation offerings having combated fraud in VyStar’s branch locations since 2015, we are thrilled that VyStar has elevated its partnership with Verint to fight fraud in the contact center.”

Alongside VyStar’s most recent purchase of Identity Authentication and Fraud Detection, the company has also invested in Verint’s Enterprise Feedback Management, Desktop and Process Analytics, Speech Analytics and Automated Quality Management solutions to address today’s digital transformation in workforce engagement, intelligent self-service, voice of the customer, fraud and compliance.

To learn more about how Verint simplifies, modernizes and automates customer engagement, click here.

About Verint Systems Inc.

Verint ®  (Nasdaq: VRNT) is a global leader in Actionable Intelligence ®  solutions with a focus on customer engagement optimization and cyber intelligence. Today, over 10,000 organizations in more than 180 countries—including over 85 percent of the Fortune 100—count on intelligence from Verint solutions to make more informed, effective and timely decisions. Learn more about how we’re creating A Smarter World with Actionable Intelligence ®  at  www.verint.com.

About VyStar Credit Union

VyStar is the largest credit union headquartered in Northeast Florida and the 16 th largest credit union in the nation ranked by asset size. They now serve over 655,000 members, with assets totaling more than $8.5 billion. VyStar membership is open to everyone who lives or works in the 49 contiguous counties of Central to North Florida and the Southeast Georgia Counties of Camden, Charlton, Glynn and Ware.

* VyStar Credit Union’s most recent Verint investment was made in October 2018.

This press release contains “forward-looking statements,” including statements regarding expectations, predictions, views, opportunities, plans, strategies, beliefs, and statements of similar effect relating to Verint Systems Inc. These forward-looking statements are not guarantees of future performance and they are based on management’s expectations that involve a number of risks, uncertainties and assumptions, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. For a detailed discussion of these risk factors, see our Annual Report on Form 10-K for the fiscal year ended January 31, 2019, and other filings we make with the SEC. The forward-looking statements contained in this press release are made as of the date of this press release and, except as required by law, Verint assumes no obligation to update or revise them or to provide reasons why actual results may differ.

VERINT, ACTIONABLE INTELLIGENCE, THE CUSTOMER ENGAGEMENT COMPANY, NEXT IT, FORESEE, OPINIONLAB, KIRAN ANALYTICS, TERROGENCE, SENSECY, CUSTOMER ENGAGEMENT SOLUTIONS, CYBER INTELLIGENCE SOLUTIONS, EDGEVR, RELIANT, VANTAGE, STAR-GATE, SUNTECH, and VIGIA are trademarks or registered trademarks of Verint Systems Inc. or its subsidiaries. Other trademarks mentioned are the property of their respective owners.

View source version on businesswire.com:https://www.businesswire.com/news/home/20190517005255/en/

CONTACT: Media Relations

Amy Curry

Verint Systems Inc.

amy.curry@verint.comInvestor Relations

Alan Roden

Verint Systems Inc.

alan.roden@verint.com

KEYWORD: UNITED STATES NORTH AMERICA NEW YORK

INDUSTRY KEYWORD: TECHNOLOGY DATA MANAGEMENT NETWORKS SOFTWARE OTHER TECHNOLOGY SECURITY MOBILE/WIRELESS PROFESSIONAL SERVICES BANKING FINANCE OTHER PROFESSIONAL SERVICES

SOURCE: Verint Systems Inc.

Copyright Business Wire 2019.

PUB: 05/17/2019 08:39 AM/DISC: 05/17/2019 08:39 AM

http://www.businesswire.com/news/home/20190517005255/en

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