Combating Fraud: The Role of Voice Biometrics in Your Layered Security Program

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Combating Fraud: The Role of Voice Biometrics in Your Layered Security Program



ACH Alert Reveals the Power of Voice Biometrics Within a Layered Security Program in Latest Whitepaper Whitepaper offers insight on voiceprint and its influence in fighting fraud while enhancing the account holder experience
Whitepaper offers insight on voiceprint and its influence in fighting fraud while enhancing the account holder experience


OOLTEWAH, Tenn. – Apr. 2, 2019 – ACH Alert, an award-winning provider of electronic payments fraud prevention technology for financial institutions of all sizes, released its latest whitepaper, “Combating Fraud: The Role of Voice Biometrics in Your Layered Security Program.” In this whitepaper, ACH Alert defines voiceprint biometrics, discusses its role in the fight against fraud and examines how financial institutions can benefit from the technology while heightening security.

As consumers shift to a digital marketplace to conduct their business, transactions are taking place in an increasingly “customer-not-present” environment. Voice biometrics has emerged in the industry as the closest (and easiest) interaction between two parties that are communicating remotely. Additionally, implementation of voice as a means of layered authentication is now cost effective and widely available, worldwide. According to Global Market Insights, Inc, the total biometrics market size is projected to surpass $50 billion in the next five years. Since every voice has an indefinite number of indicators, like a fingerprint, it can be a frictionless tool for account holders to access their account for day-to-day banking.

ACH Alert’s latest whitepaper explores how voice biometrics serves as an important piece in a layered security program that protects account holders while cutting costs for financial institutions. From enhanced security functionality to seamless authentication experiences, biometrics, and voice biometrics in particular, is changing the way customers interact with businesses and conduct everyday tasks. Enabled by the prevalence of web self-service and mobile applications, voice biometrics is widely used today to verify customers’ identities via digital channels. With a record high of 16.7 million victims reporting identity fraud in 2017, according to Javelin Research, it is imperative that banks and credit unions are using voice biometrics to create a frictionless, secure environment to combat various types of fraud.

“Striking a balance in a ‘customer-is-king’ marketplace is the key to both appropriate security measures and customer experience,” said Debbie Peace, chief executive officer of ACH Alert. “To stay relevant in the market, it is essential for financial institutions to offer technologies that ensure customer care on a day-to-day basis. Voice biometrics has emerged as a means to providing frictionless authentication and has gained attention for its potential to streamline the customer experience while preventing fraud.”

About ACH Alert

Founded in 2007, ACH Alert provides patented, innovative fraud detection services to financial institutions ranging from community banks to top tier financial institutions. Relying on more than 25 years of industry experience, ACH Alert assists financial institutions in mitigating the risks associated with electronic payments. ACH Alert is the 2012 recipient of the Kevin O’Brien ACH Quality Award, the highest award for quality in the ACH Network industry. For more information, visit www.achalert.com, or follow them on Twitter @ACHAlert, Facebook, or LinkedIn.