A leading information security publication claims that a whopping 17.2 million debit and credit cards had to reissued by 58 member institutions at an estimated spend of $172 million in the wake of data breach at a leading American retail company!
Why did this happen? The reason is astoundingly simple: customer information along with their sensitive debit / credit card details were leaked (or stolen)! Customer bank account security aspects were entrusted to digital characters and numbers that can easily be copied, transferred and reused with or without the consent from the customer.
How do you prevent this? Banks around the world are rapidly adapting to new technologies including biometrics. Biometrics literally brings back the human touch to technology and increases security – customer cannot lend or transfer their voice or fingerprint to someone. Also, no one can steal them! But, are they convenient to use for the customer? For example, customers tend to forget complex passwords and so they end up having standard passwords which can be hacked. Fortunately, with Biometrics, you do not have to remember anything since the technology is based on an inherent aspect of the customer, be it voice or fingerprint or iris or face.
Here is a quick comparison of the biometrics technologies:
|Cost of Ownership||Lower||Higher||Higher||Higher|
|Equipment at Access point||No||Yes||Yes||Yes|
|Remote Identification Possible||Yes||No||No||No|
|Possible to lose for forget||No||No||No||No|
In case if you haven’t noticed, Voice Biometrics actually enables customers to remotely login in 100% secure way and also costs less to implement.
No wonder banks across globe are implementing Voice Biometrics to improve customer satisfaction and at the same time ensure security. Write to me at [email protected] for a live demo and access to global case studies.
You can also access our Voice Biometrics whitepaper here.
About Uniphore: Uniphore Technologies Inc is the leader in Multi lingual speech-based software solutions. Uniphore’s solutions allow any machine to understand and respond to natural human speech, thus enabling humans to use the most natural of communication modes, speech, to engage and instruct machines. Uniphore operates from its corporate headquarters at IIT Madras Research Park, Chennai, India and has sales offices in Middle East (Dubai, UAE) as well as in Manila, Philippines.