The field of voice biometrics has undergone many changes and improvements in recent years. As technology has improved, it is increasingly being integrated into transaction monitoring systems at financial institutions to improve security and authentication practices.
According to Biometrics Research Group, the voice biometric market could reach $2.5 billion globally in 2015, largely driven by the banking and financial sectors. Those markets are expected to spend a least $750 million on solutions incorporating voice biometrics next year, which is pretty significant. An Aite Group report showed that of the financial institutions surveyed, 25 percent had either a voice technology pilot program underway or were working on a rollout. And 40 percent said voice technology was on the roadmap for their call centers during next year or two.
The reality is, with fraud on the rise and criminals coming up with novel ways to access sensitive data, legacy fraud detection and transaction monitoring systems simply can’t keep up. InformationWeek recently published an article highlighting the ways that voice biometric systems may be integrated into new and improved systems to help with post-fraud transaction verification processes.
Voice biometric data is typically utilized to compare a voice used to initiate fraudulent transactions with the voice recorded for legacy transaction analysis, pinpointing discrepancies. It may also be used in wire fraud and card fraud schemes in which criminals have researched real customers’ transaction activities and mirrored them to make their fraudulent transactions appear normal. The amount of a wire transfer, where and to whom it is being sent and when it is authorized are not enough to secure a transaction now, and voice biometric analysis and voice prints are successfully being used to combat fraud.
Voice biometrics also play a large role in predicting fraud, and when combined with other risk assessments can offer greater security and assurances. Ultimately, investing in voice biometric technologies can combat fraud at a level that legacy systems cannot, and is going to be a requirement for transaction monitoring and fraud detection in the future.