Banks to Adopt Voice Biometrics to Improve Security

Published Date : Nov 05, 2015

A growing number of banking companies are adopting the technology of biometrics in a bid to boost their security. Banks are adding up voice of the customer to serve as an added layer of protection. This technology is called voice biometrics that seems to be the next big thing in keeping accounts of consumer secure. Companies in the banking sector are adopting this technology due to the alarming rise in call-in fraud cases.

This allows criminals to take the advantage of human error and emotions when they dial into a customer service phone line and describe some fictional situation which garners the sympathy of the call center representative and gain access into sensitive data and money. Last year such cases were responsible for around US$10 billion worth of money.

These frauds are driving the demand for technologies such as voice biometrics substantially. These technologies can record voice in the conversations and then verify if the caller is genuine. The technology will convert the voice to a voice print which will serve as a comparison the next time a person or a fraud person calls.

However, banks are adopting voice biometrics not only just to avoid frauds they are adopting it to allow for larger transactions to take place via their phones. Many people are still uncomfortable though to make huge deposits anywhere other than physical branches of the bank and this creation of mobile apps with voice recognition will help to increase security for transactions that involve large amounts of cash.

The improved capabilities of smart phones, voice biometrics, and facial recognition are now increasingly becoming more and more feasible and are used in many parts of the world. Though this technology will not be perfect, it will help to improve the security in the online banking sector by a great extent.