Identity Theft and Card Fraud Have Been Declared Global Threats – Are You Building Security into Customer Solutions for Your Business?
Pryathna Sankaranarayanan | November 24, 2017 | 4 minutes
The 2017 Unisys Security Index measured security concerns across the globe to declare identity theft and card fraud amongst the top concerning threats to businesses and individuals worldwide. This is a 20% increase in the last three years – indicating that businesses and customers alike are seeking more secure transactions online.
Stealing identity becomes easier with traditional authentication methods that use one-time PINs, passwords and security questions – the information can be stolen and misused.
Biometric information of people however, remains unique to them and are more successful in authenticating individuals. The industry best practice today is to implement multi-factor biometric authentication (more than two biometric identity information) such as fingerprint, voice biometrics, facial recognition etc to securely enable customers to access their accounts online and manage their information and transactions.
Voice biometrics has been implemented across industries – banks and financial institutions, government departments, education, healthcare, retail and telecommunication – with great success.
Voice biometrics has superior performance because of advanced machine learning algorithms that capture unique vocal characteristics of individuals and continue to learn and adapt over time. As a second-factor authentication, voice biometrics protects customer assets during high risk and high value transactions.
Identity theft and fraud can be detected and prevented in real time when voice biometrics is implemented – enabling you to trigger security measures to ensure customer assets are well protected.
Customers are increasingly accessing banking services on their mobile devices, personal PCs as opposed to making enquiries and transactions by visiting a bank. To empower customers to do this securely, banks need an additional layer of protection to defeat fraud and make customer experience secure, convenient and delightful.
Voice is the best second-factor authentication for banks, financial institutions and e-commerce. Customers enrol their voice with the bank, and every time they transact on their banking app or on the bank’s website, they are prompted with a single step voice verification that involves digits, passphrases or a combination of both.
The technology at the back end securely verifies the customer’s voice and can help organizations achieve their target reduction in fraud. In addition to combating fraud and improving user experience organizations benefit from increased operational efficiency and team engagement by implementing voice biometrics.