ValidSoft, a global supplier of fraud prevention, authentication and transaction verification solutions and part of the Elephant Talk Group, has partnered with Opus Research to produce a report titled "Voice Biometrics Authentication Best Practices: Overcoming Obstacles to Adoption," the company said a news release.
The increasing use of smartphones for payments and banking and the heightened risk of data theft and fraud highlights the need for banks, businesses and governments to take a fresh look at methods of authenticating end users beyond merely securing hardware end points.
The ValidSoft/Opus study shows how voice biometrics can act as a part of a multi-layer authentication process to help reduce fraud and confirm that the endpoint user is genuine. Opus Research predicts that the global number of registered voiceprints will increase from 10 million today to more than 25 million in 2015.
“Voice biometrics strikes the right balance of strong authentication and usability,” said Dan Miller, the senior analyst at Opus Research who led the study. “It is a powerful tool for preventing fraud and promoting empowerment through self-service, and will in the long run help financial institutions save money from fraudulent transactions and reduced administration costs.”
“A multi-factor/four-factor approach to user authentication and transaction verification provides robust security without compromising customer experience, and voice biometrics can play an important role in this," said Pat Carroll, CEO of ValidSoft. “The four aspects of a person’s identity that need to be checked are: something you are, namely your voiceprint; something you have which is your mobile phone; something you know, this will be your PIN or password; and somewhere you are (or not), which can be established using privacy-protected signaling services associated with the global mobile networks.”
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