Monthly Archives: May 2017

Enacomm Introduces Credit Unions to Virtual Personal Assistant Banking at Corelation Client Conference 2017

Credit union members can now securely access their financial information in real-time and safely conduct almost any financial transaction with popular Virtual Personal Assistants (VPAs), using only the sound of their voice. Enacomm this week presented VPA personal banking at the Corelation Client Conference 2017 in San Diego.

VPAs are rapidly growing in popularity with Americans. According to eMarketer’s “first forecast on users of digital assistants, such as Siri, and voice-enabled speakers, like Amazon Echo (http://bit.ly/2qgRK46)”:

  • “This year, 35.6 million Americans will use a voice-activated assistant device at least once a month. That’s a jump of 128.9% over last year.”
  • “Amazon’s Echo speaker will have 70.6% of users.” Google Home will have “23.8% of the market.”
  • “eMarketer expects usage [of virtual assistants, ‘the actual software inside various devices’] will grow 23.1% in 2017. This category includes Amazon’s Alexa, Apple’s Siri, Google Now and Microsoft’s Cortana.”

Digital personal assistants provide hands-free voice-control for many devices and services – from ordering a pizza to summoning a car – using “skills” created by users or developers. Now users can access their banks and credit unions to conduct a range of financial transactions. Alleviating security concerns, Enacomm’s VPA skills allows customers to authenticate using the company’s secure voice biometrics solution Enacomm Voice Authentication (EVA).

“Offering the convenience of VPA personal banking is a competitive advantage for credit unions,” commented Michael Boukadakis, CEO of Enacomm, who is in attendance at the Corelation Client Conference. “The ability to manage your money using a digital personal assistant elevates the consumer experience, exceeding the expectations of high-value, often on-the-go members without increasing risk.”

More reliable than fingerprint scanning, EVA enables real-time member identification with a 99.99% success rate and adds the most crucial security layer for multi-factor authentication. In combination with EVA, Enacomm uses a custom security code to prevent unauthorized voice access. All transactions are encrypted and no one – not even the cloud providers of the VPAs – can access them.

Voice personal assistants are particularly useful for retrieving information. Rather than searching through multiple screens, users can simply ask a question, whether related to account information or a credit union’s products and services. VPAs with EVA voice biometric authentication will also save financial institutions time and money by making it easy for customers and members to solve simple problems, such as activating a new card, without relying on customer service representatives, in person or by phone.

Using Enacomm’s VPA skills, properly authenticated users can confidently conduct secure credit union transactions and access financial account information, from making payments to checking credit card balances, reviewing transactions, and receiving information about their checking and savings accounts. For example, the member simply says, “[VPA Name], ask ‘my credit union’ for my recent checking account transactions,” and the VPA handles the rest, requesting the necessary authentications and issuing appropriate confirmations.

“Credit unions can now be confident that voice personal assistants are safe for personal banking – today, members can authenticate with their voices, without having to say both their PINs and account numbers out loud,” explained Mike Kirk, Vice President of Financial Services for Enacomm, who is also at the Corelation Client Conference to help credit unions advance their technology offerings. “Credit unions don’t need to rival the largest financial institutions in size to stay on the leading edge of technology. Offering safe, voice-enabled personal assistant banking is a powerful way for credit unions to compete on the technology front and win the loyalty of new and longtime members.”

For more information on VPA personal banking, click here.

Enacomm Again Named to Mastercard Compliant Service Provider List and Visa Global Registry of Service Providers

Committed to the highest security standards, Enacomm was again included on Mastercard’s Compliant Service Provider List, as well as the Visa Global Registry of Service Providers. To be named to Mastercard’s Compliant Service Provider List, an Attestation of Compliance (AOC) by a Qualified Security Assessor (QSA) demonstrating PCI DSS compliance must be received by Mastercard, and Mastercard records must reflect that the company is registered as a Service Provider by one or more Mastercard Customers. Requirements for the Visa Global Registry of Service Providers also include meeting industry security standards, in addition to being compliant with Visa Inc. rules.

“Fraud is increasing in frequency and sophistication – companies need to outpace its progression with advanced security measures to avoid being left vulnerable,” said Enacomm CEO Michael Boukadakis. “Enacomm is committed to helping our customers stay one step ahead of fraudsters with highly effective fraud prevention strategies.”

According to the 2017 Identity Fraud Study from Javelin Strategy & Research, identity fraud rose 16% in 2016, from 5.30% in 2015. It now affects 6.15% of U.S. consumers, an additional two million victims as compared to the previous year. Of note, card-not-present fraud jumped by 40%, whereas point-of-sale fraud saw little change.

Payment industry leaders – including Mastercard and Visa – developed the Payment Card Industry Data Security Standard (PCI DSS) to diminish vulnerabilities in IT-related processes, procedures and infrastructure. Enacomm is PCI DSS Level 1 compliant, having completed hundreds of steps that must be taken every year, including an on-site audit, quarterly network scanning, and numerous other security audits.

“Security should be a top priority for all businesses, but organizations handling consumer financial data are held to an even higher standard,” commented Enacomm Chief Operating Officer David Jackson. “Enacomm equips banks, credit unions and credit card companies with next-generation fraud protection technologies to avoid significant losses, both monetary and in consumer confidence.”