Monthly Archives: August 2015

Biometrics Will Be Standard on Smart Mobile Devices by 2020

This summer, Acuity Market Intelligence, an emerging technology strategy and research consultancy, released its forecasts for the mobile biometrics market. According to the group:

  •  Annual revenues from biometrics embedded in smart mobile devices, biometric app downloads, and biometric authentication of transactions will grow from $1.6 billion in 2014 to $34.6 billion in 2020 representing a CAGR of nearly 67% with total forecast period revenues exceeding $117 billion.
  • With an installed base of 4.8 billion, more than 89% of all smart mobile devices in use will be biometrically enabled.
  • More than 5.5 billion biometric apps will be downloaded annually, and more than 800 billion transactions that require some level of biometric authentication will be processed on mobile devices each year.

Maxine Most, Acuity Market Intelligence Principal and lead analyst and a biometric identity expert, commented:

“Today’s mobile biometrics are primarily a convenience factor providing an easy pin alternative for device, application, and account access, as well as mobile payment authorization. By 2017, hardened biometric security on mobile devices will begin in earnest and we will see a genuine transformation in identity and commerce and the true end of ‘the password as we know it.’ The potential for consumer use of mobile biometrics and the associated revenue potential is magnitudes greater than any previous application of biometrics. This massive, globally available platform will provide an unprecedented opportunity for sustained sensor, software and app based revenue as well as enormous potential for biometric authentication services for high-risk and high-value transactions.”

Preview Acuity’s “The Global Biometrics and Mobility Report: The Convergence of Commerce and Privacy” here.

To learn more about Enacomm’s biometric authentication technology that protects mobile transactions and more, visit our products page.

Acuity meme - 1

Enacomm CEO’s Expert Article on Multifactor Authentication Featured by PaymentsSource

PaymentsSourceA new guest article from Enacomm CEO Mike Boukadakis was featured by PaymentsSource this week with a top spot on the publication’s homepage. In the piece, Mike shares expert insight on a trend shaping the payments landscape: biometric authentication.

Mike’s contribution for what the publication calls its PayThink series is titled, “Voice Authentication Beats Fingerprint Biometrics for Data Protection” and speaks to the importance of multifactor authentication, similar to we’ve seen on the big screen in movies like Mission: Impossible.

In Mission: Impossible, extensive security measures are employed to safeguard the Government Non-Official Cover (NOC) list in the vault at the Central Intelligence Agency’s (CIA) headquarters in Langley, Virginia. First, a voiceprint is utilized to positively identify the only person allowed inside the secured vault. Subsequently, the person seeking access is required to enter a 6-digit code in order to enter the outer room. Next up? An eye-retinal scan. Then, to deactivate the security measures, a double electronic keycard is used – and that’s all before stepping foot inside the vault. Once inside, there are three security systems armed: one that is sound-sensitive, one that is temperature-sensitive, and one that is pressure-sensitive. If someone whispers, raises the temperature just a single degree with body heat, or sweats a drop, the alarm would be set off and an automatic lockdown would be triggered.

Mike explains in the piece:

“While the average consumer’s banking information may not be considered as highly-sensitive as the NOC list, multi-layer authentication is still the best way to fend off fraudsters. And biometrics security technology like voiceprint identification isn’t reserved for the CIA.”

Mike goes on to note that biometrics can be combined with advanced Knowledge-Based Authentication (KBA) as part of an onboarding and authentication system. Voice biometrics, in particular, is a dependable method of identification – even more reliable than fingerprinting with a 99.99 percent success rate – that is perfect for multi-layered authentication systems.

“Government intelligence agencies worldwide rely on voice biometrics security technology, and issuers can, too,” Mike says in the op-ed. “While PINs and other authentication data can be breached, someone’s voice cannot be compromised or stolen.”

Voice biometrics technology can be programmed to ask for words, numbers and phrases in random order, making “replays” and stolen voice prints useless. This means that voice recordings cannot be used to gain unauthorized account access.

“While the series of security checks need not be as extensive as those in Tom Cruise’s secret agent series, it’s important that financial institutions and card companies deploy multiple lines of defense,” Mike emphasizes. “KBA for customer identification is another key component of the fraud prevention system.”

The next-generation KBA technology that Enacomm offers helps organizations authenticate customers to onboard and activate their accounts in real-time via their mobile devices. This “out-of-wallet” security check is particularly vital to the prepaid credit card industry. From the article:

“When a prepaid or cash card is purchased in-store, the customer often wants to cash load and use the card immediately; delays lead to loss of customer interest and failed activations. KBA enables card companies to verify personal information and authenticate identities on-the-spot. The customer can use his or her mobile device to activate and cash load the card immediately. Plus, the authentication process can take place in real-time without the costly interaction of speaking with a live customer service representative or using IVR minutes.”

Voice biometrics backed by modern KBA protects financial institutions, card companies and their customers against brute force attacks, credential sharing, hacking, Phishing, Vhishing, credential resets, Internet searches and social engineering.

To learn more about Enacomm Voice Authentication (EVA) and eKBA, give us a call at 1-877-860-0025 or send an email to sales@enacomm.net.

Enacomm’s David Anderson to Share Expert Knowledge on Payments Security at The Prepaid Press Expo

David Anderson - high resPrepaid providers and their customers are prime targets for modern banking bandits. One week from today, David W. Anderson, vice president & chief marketing officer of Enacomm, Inc., will share his expert knowledge on “Securing the Mobile and Digital Prepaid World” at the 2015 Prepaid Press Expo. The event will be held at Planet Hollywood in Las Vegas, from Tuesday, August 11th through Thursday, August 13th. The theme of the 2015 conference will be “The New Face of Prepaid: Mobile Wallets, Alternative Banking and Telecom Mix it Up”.

David will speak on Wednesday, August 12th from 2:00-3:00pm PT as part of the Financial Mobility Summit. His session will focus on how prepaid providers, gift card companies and alternative financial services firms can protect their customers’ transactions. Nate Moshkovich, executive vice president of ClearLine Mobile, will join Anderson for a discussion that will be moderated by T. Jack Williams, President of Paymentcard Services.

“The role of prepaid in the world of personal banking is ever-increasing, and so is the sophistication of white-collar criminals with this segment on their radar,” said Anderson. “Older, static security methods like pins and passwords are no longer sufficient for fraud prevention and should be traded in for a layered, dynamic approach.”

Enacomm is a leading provider of intelligent customer interactions solutions and security technology that utilizes biometrics and Knowledge-Based Authentication (KBA). With a 99.99% success rate, Enacomm Voice Authentication™ (EVA) harnesses voice biometric technology to enable reliable log-in and transactional authentication of customers from any phone, any time. Enacomm’s eKBA uses leading-edge knowledge-based authentication databases and techniques for customer identity verification and can integrate biometrics technology into the authentication process.

To stop fraudsters’ attempts to rip off your organization and customers, contact the Enacomm team at sales@enacomm.net or 1-877-860-0025.