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

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Verint Helps Financial Services Company Enhance Data Security,
Protect Member Identity and Drive Operational Efficiencies

MELVILLE, N.Y.–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/ActionableIntelligence?src=hash” target=”_blank”gt;#ActionableIntelligencelt;/agt;–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.”

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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.

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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 16th 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.

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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.

Contacts

Media Relations
Amy Curry
Verint Systems Inc.
[email protected]

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Investor Relations
Alan Roden
Verint Systems Inc.
[email protected]


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