New study suggests voice biometrics will be central to future payments authentication
New study suggests voice biometrics will be central to future payments authentication
ValidSoft, a global supplier of fraud prevention, authentication and transaction verification systems, has partnered with research house Opus Research to produce a report titled, Voice Biometrics Authentication Best Practices: Overcoming Obstacles to Adoption.
The study, led by Dan Miller, senior analyst at Opus Research, evaluates previous voice biometric projects as well as the current industry landscape in order to identify a number of best practices to rolling out the technology and taking the industry forward.
It argues that the increasing use of, and security risks associated with, smartphones for payments and banking, along with heightened incidences of data theft and increasing awareness of fraud, highlight the need for banks, businesses and governments to take another look at methods of authenticating end users. It is no longer sufficient to merely secure hardware endpoints. Organisations want assurances that the individual at that endpoint is the person he or she claims to be.
Security boosting potential
Voice biometrics has the potential to play an important role in doing this. The general public is becoming more familiar with using their voice for mobile search, device control and dictation and the study shows how, with the proper approach, voice authentication could soon follow. It says that voice biometrics can act as a part of a multi-layer authentication process to help reduce fraud and to confirm that the endpoint user is genuine. Opus Research predicts that the global number of registered voiceprints will increase from 10 million today to over 25 million in 2015.
Miller stated: “Voice biometrics strikes the right balance of strong authentication and usability. 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. The security industry should adopt when introducing voice biometrics to their customers.”
According to Miller these best practices are:
- Ensuring security is balanced with customer usability
- Engaging stakeholders early in the process and leverage existing resources
- Gaining their trust by proving that the technology works; be ready to adapt
- Looking ahead and bear in mind future upgrades and new technology
Prioritising user authentication
“In a social, mobile environment, user authentication has become more important than ever in order to protect unauthorised access to corporate resources and to prevent fraudulent transactions,” added Miller.
Pat Carroll, ValidSoft chief executive, added: “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. This not only applies to Financial Services and Government sectors, but is also relevant to the social media industry and the latest challenges it faces with users’ stolen identities.
“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 signalling services associated with the global mobile networks.”
ValidSoft is a wholly owned subsidiary of Elephant Talk Communications, an international provider of business software to the telecommunications and the financial services industry. A summary of the report and contact details to be sent a full copy is available here.
