PwC UK partners with Clearspeed to combat fraud

The alliance seeks to provide the firm’s clients with the opportunity to enhance the experience of their customers by expediting their claim, application, or process, while simultaneously managing fraud risk across their operations in an increasingly efficient and effective manner. The collaboration is part of PwC’s ongoing commitment to making optimal use of innovative new technologies to address some of the most important business and societal challenges, fraud being a major one.

Combatting fraud and what the PwC UK – Clearspeed partnership entails

Based on the information detailed in the press release, Clearspeed’s voice-based technology helps provide a highly accurate and unbiased risk assessment. By asking a set of simple questions, Clearspeed’s AI-enabled platform can identify vocal characteristics in the answers that are associated with risk on a real-time basis. 

Through the collaboration with Clearspeed, PwC is set to empower organisations dealing with high volumes of customer interactions where there could be fraud exposure, be that in the insurance, banking, or public sectors, to process a significantly higher proportion of cases successfully, more quickly, and without any further human intervention.

Commenting on the announcement, PwC UK company representatives advised that fraud comes as a major concern across all parts of the economy and society, currently accounting for more than 40% of all reported crimes in the UK. Recently, the UK Government launched a new Fraud Strategy, placing a renewed focus on tackling scams and bringing fraudsters to justice, and committing to investing in the launch of a National Fraud Squad.

In this context, it is considered essential to find and deploy new methods and approaches to stopping fraud while continuing to address the service expectations of customers. Per their statement, the company is looking forward to collaborating with Clearspeed as it seeks to assist its clients with enhancing the experience of their customers and upping the ante in the fight against fraud.

More to this point, Clearspeed officials expressed excitement towards the collaboration with PwC UK and its potential to address fraud-related issues across multiple industries – insurance, financial services, government, immigration, and sports integrity. Following the rising cost of living and the digital transformation of the economy, fraud rates have seen an increase and approaches have evolved, bringing forth difficulties to traditional technologies for fraud detection. 

The spokesperson advised that by leveraging advanced technologies of the likes of artificial intelligence, machine learning, and next-gen voice analytics, they are looking to help revolutionise risk assessment together, enabling businesses to stay ahead of emerging threats and safeguard both their operations and their customers, ultimately building trust faster in an increasingly complex landscape.