E-Commerce and Digital Payments Continue to Increase Due to COVID-19
The COVID-19 pandemic has changed the way we live and work, and our changed behaviors may stick around long after. Due to enforced restrictions such as working from home and curfews, organizations have shifted their business models to a more accessible online approach. This caused a rise in e-commerce and digital payments.
According to an Aite Group research, 39% of consumers have tried a new digital financial product or service during COVID-19 and most of them will most likely continue this behavior post-pandemic. 2020 also experienced an increase in card-not-present (CNP) transactions as consumers shift to online shopping.
While a LexisNexis report shows that human-initiated attacks have decreased by 29% YOY, bot attacks have increased by 41% YOY. Cyber attacks will continue to exist and become more sophisticated. Especially with the rise of online e-commerce and digital payments, organizations must reconsider how security sits on their list of importance.
Source: LexisNexis® Risk Solutions Cybercrime Report
With Auraya’s EVA Voice Biometrics technology, organizations can add another layer of security against these threats. EVA is a voice biometric authentication and fraud detection capability that can be deployed in any channel, whether it is in telephony contact centers or digital web or app-based solutions.
EVA for Contact Centers enables organizations to verify and identify inbound callers whilst in the IVR, saving agents and callers time from manual verifications. Callers can also be continuously verified in the background to ensure that the agent is speaking to the true caller at all times. With EVA, organizations can also expand self-service options that would normally require identity verification. Verifying with voice through contact centers can also provide agents with another form of digital payment authorization to account for the increase in CNP transactions.
EVA Web enables organizations to verify users on websites and mobile applications. This can be used to verify the identity of users logging into their accounts or confirming account details changes. Integrating voice biometrics into the web can also provide another form of payment authorization, enabling a more seamless and delightful shopping experience compared to asking users to switch devices or applications for the OTPs.
EVA Forensics provides organizations with real-time fraud detection capabilities. Agents can listen to the caller’s voice and crossmatch it to a list of fraudster voiceprints in real-time, allowing organizations to detect and flag potential and known fraudsters. This preventative measure enables organizations to better prepare and take appropriate steps to prevent fraud and protect their customers in real-time. EVA Forensics can ensure that any online transactions were authorized by the rightful customers and not that of a bad actor, impersonating its victim.
Overall, EVA Voice Biometrics provides step-up security that can be beneficial to organizations engaging in e-commerce and utilizing digital payments. It is imperative for organizations offering digital financial products and services to utilize the latest security methods such as EVA Voice Biometrics, to provide a secure and frictionless experience for its customers.
