Monthly Archives: March 2015

Enacomm CEO Mike Boukadakis on the Shortcomings of the EMV Chip

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FindBiometrics this week published a new guest article by Enacomm CEO Mike Boukadakis, “EMV Chip Card Technology Leaves the Job Undone.” In the intro for the piece, Boukadakis notes that, according to the Aite Group, 70 percent of US credit cards and 41 percent of US debit cards will be EMV chip-enabled by the end of 2015. But he goes on to explain:

Embedded computer chips make EMV cards far more difficult to clone, yet it is important to understand that financial institutions, retailers and consumers will still be left vulnerable, because counterfeit cards only account for about 37 percent of credit card fraud, and card fraud itself is just one piece of the larger fraud pie.

EMV chip cards will impede fraudsters’ efforts to produce counterfeit cards, but these payment methods can still end up in the hands of the wrong person if lost or stolen and will do little to thwart card-not-present threats. Additionally, as Boukadakis points out, “fraudsters break into online bank accounts and hijack high-risk transactions” – no card needed.

So, how can banks, credit unions and prepaid companies help finish the job in the fight against fraud? Voice biometrics.

Boukadakis notes that Federal Financial Institutions Examination Council (FFIEC) guidance recommends and sometimes mandates the use of multi-layered, dynamic forms of customer authentication, versus archaic, static methods. “Voice biometrics…is a proven method of identification that is perfect for multi-layered authentication systems,” he says.

Used by government intelligence agencies worldwide, voice biometrics technology is even more reliable than fingerprinting. By conducting sophisticated analysis of hundreds of voice characteristics, a bank, credit union or prepaid company can accurately identify and authenticate a customer in real-time.

Fraud, identity theft and security breaches have increasingly infiltrated America. Fraudsters stole $18 billion from consumers in 2013, according to Javelin Strategy & Research. To learn more about how banks, credit unions and prepaid companies can easily deploy voice biometrics authentication technology now to fight fraud, read Boukadakis’ entire article here, and contact the Enacomm team with a call (877-860-0025) or email (

Lower Costs, Happier Customers and Faster Authentication with Voice Biometrics

Opus Research this month released the second part of its Enterprise Series, Best Practices for Voice Biometrics in the Enterprise. The new report examines best practices for using voice biometrics for simple secure authentication in the enterprise across mobile, IVR, and contact centers. For more information, visit the Opus Research blog.Opus Research March 2015 meme

Chip Tech Will Not Help with “Card Not Present” Threats

According to Reuters, analysts predict that credit card fraud at brick-and-mortar retailers will fall with the move to chip-enabled cards…but what about “card not present” threats? Aite Group estimates online card fraud will more than double in the U.S. to $6.6 billion from $3.3 billion between 2015 and 2018. It’s a side-effect of the chip transition that’s been encountered in other countries, as well.

Voice biometrics technology can help fill the card security gap. To learn more about Enacomm Voice Authentication (EVA), click here.

card fraud - Aite group