Reliable Voice Bio metric Prevents Financial Fraud

Voice Bio metric systems will enhance the security at financial institutions to prevent the elevated risk of fraudulent activity, and loss of personal credentials through security breaches (such as the Target Data Breach in 2013) In the Internet age.

Consider that case when a user calls the wire transfer line to request a wire. The user presents some “secret” information and then can complete the transaction. However, under this setup, the secret information could easily be stolen and then used against the account owner.

However, if the bank deploys a voice bio metric system, not only will the credentials of the user be stored in the system’s database, but also a small biometric key of the user that will be less than a kilobyte in size, shall contain the voiceprint of the user. Every time the user calls for a transaction, his voice shall be analyzed and a match will be created to tell if it is the same user.

If an imposter makes the call, the system will clearly warn the bank agent to increase the security level and use stricter voice authentication methods.

There are several features of modern voice bio metric systems that make such a system not a dream of the future, but a real implementation that is in the process of happening.

Firstly, voiceprints are small and it takes less than a kilobyte to store the voiceprint. It can be added to the same database that stores the passwords and other identifying information of the user, without much bloat in database size.

bio metric

Secondly, the process of computing the match is extremely fast. A ten-second conversation at the start of the call may take just a fraction of a second to compare with the stored voiceprint and tell if it is a likely match.

Third, there used to be a time when the same speaker would be easily rejected if they used a different handset to make the call or if the telephone channel is facing issues. However recent advances in voice bio metric have significantly reduced the impact of such factors while maintaining the inter-speaker variability.

The Result of using Voice Bio metric

Financial institutions are already required to record conversations with their clients and store them for a certain period. If an institution determines to enhance its level of security through a voice biometrics system, these stored recordings could be used to enrol the voiceprints of all of its existing users. There will be no change to the user experience, though the call center agents will have an additional 2 factor authentication available to them that allows the institution an additional layer of security without compromising convenience.

So, take advantage of the Govivace’s patented technology for speaker verification to enhance data security for your business and more importantly to enhance customer engagement and satisfaction.