Financial technology provider Finivation Software has launched voice biometrics solution, VoiceVerify, to enhance credit unions’ security measures.
Phoenix, AZ based Desert Schools Federal Credit Union has said that it’ll implement the new software, and is expected to begin using VoiceVerify this fall. “Our primary focus is serving our members quickly and securely -- and VoiceVerify will play an important role in continuing to meet that goal,” said Gary Laieski, CIO at Desert Schools Federal Credit Union.
Laieski said that they plan to use VoiceVerify in several ways -- initially for 24/7 password resets for online banking followed by out-of-band authentication for transfers. He also said that they plan to leverage the technology to make it faster for members to authenticate in the contact center while simultaneously reducing the chance for social engineering, which members will certainly appreciate.”
Finivation Software has designed the software to help quickly and cost-effectively verify a person’s identity remotely. VoiceVerify helps organizations verify a person’s identity before they are granted access to sensitive information or allowed to conduct sensitive transactions, such as a wire transfer, external bank transfer, or a password change, according to Brian Bodell, CEO at Finivation.
Unlike other biometric and security solutions, Voice biometrics allows the remote verification of a person, making it perfect for the contact center as well as online and mobile banking, Bodell said. “Users don’t need any special hardware or software, and they don’t need any training to use their voice.”
The three primary ways organizations can use VoiceVerify include verify a caller’s identity; out of band authentication for high-risk transactions; and automated password reset. According to the company, password resets often account for 30 percent of calls to a contact center
Company officials said that when organizations call a contact center at either the IVR and agent level -- the voice is used as an additional factor -- “something you are”.
Out of band authentication for high-risk transactions include wire and ACH transfers/payments. Company officials said that the person making the transaction receives a call to verify their identity before the transfer or payment is made.
VoiceVerify for the end user enables members to quickly confirm their identity so they can access the information or conduct their requested transaction as soon as possible; and for credit unions and other organizations, it can help reduce fraud, decrease operating costs -- in reduced call time -- and increase member satisfaction.
Anshu Shrivastava is a contributing editor for TMCnet. To read more of Anshu’s articles, please visit her columnist page.
Edited by Juliana Kenny