Pryathna Sankaranarayanan | May 5, 2017 | 4 minutes
Banks globally are widely incorporating fingerprint technology in their digital apps for customers to securely access their personal accounts and make transactions. The main reason banks are moving away from traditional pin and password approach to fingerprints is to make the user experience simpler and more convenient. No pins to remember no passwords to forget. Fingerprints improve some aspects of security however out of band, second factor security verification is still needed for higher risk transactions.
Enabling voice prints to be used as the second factor completes the journey for simplicity and convenience and adds high security and regulatory compliance whilst eliminating annoying (and not very secure) SMS 6 digit tokens or RSA one time password generators.
Consumers and security experts are becoming increasingly aware about the security limitations provided by SMS tokens and the inconvenience and high cost one time pass-code generators.These concerns are driving the shift to the use of voice biometrics as a secure and convenient verification method for high value transactions. Banks that tap into both fingerprint and voice biometrics for secure customer access double the benefits for their customers by providing them an experience that is intuitive, engaging, easy and highly secure.
With ArmorVox, you enrol your customer’s voice once. And they can use their voice to verify in seconds across all your channels – be it chat, social, apps, website and at contact centres – a lot of places where they can’t verify with their fingerprints. This creates a consistent, seamless experience. ArmorVox is designed with advanced machine learning algorithms that learn an individual voice over the course of their life time, making the voice print stronger with each use.
Customer identity verification with voice stops user accounts from self-fraud or being ‘phoenixed’ i.e. accounts can’t be swapped between users. With other biometrics such as fingerprints, the biometric information is stored and managed on device (such as smartphones), which means companies have no information whatsoever who they are providing access to. With voice, that changes as the biometric information is managed by the company in real-time.
Biometric verification lowers the cost of regulatory compliance with AML and KYC. It puts you in control of customer identity, privacy and security – ensuring transactions with your business are secure and private. With voice biometric verification, ‘risk’ in transaction is known and managed – you can track fraud in real-time and manage business rules for providing customers with increased security.
New research indicates that the fingerprint scanners on the phone are small, and only read partial fingerprint markers. With few markers, it becomes easier for a hacker to match someone’s fingerprint, and access all their data and accounts easily. Fingerprint technology is not foolproof, and leaves gaps when it comes to security. Voice print technology conveniently closes the security gaps.
It is best practice to voice verify your customers for risk transactions using voice as your second-factor authentication method. ArmorVox focuses on the execution of voice biometrics to greatly boost security features – such as a four digit random challenge, to make it nearly impossible for fraudsters to successfully break-in. ArmorVox is very convenient to deploy and use – all your customers have to do it say a string of digits or a passphrase to be verified with their voice. This means by incorporating fingerprint and voice verification, you not only double your security, you double the benefits for your customers by making the entire process simple, convenient and highly secure – and consistent across all channels.
Ultimately, it’s all about enhancing the customer experience – because it has a direct impact on your profitability. And multi-factor authentication with voice biometrics is the way to go.