Category Archives: Offerings

The Prepaid Press Relays Enacomm CEO’s Predictions on How EMV Shift Will Impact Fraud

prepaidpress logoAs of October 1, 2015, all retailers are responsible for fraudulent transactions with counterfeit credit cards when the magnetic stripe is swiped instead of the EMV chip being inserted in the payment terminal. Enacomm CEO Mike Boukadakis recently shared his thoughts on the “EMV Liability Shift” with Arlene Hauben of The Prepaid Press.

In her article, “EMV Liability Shift is Here: Chip Cards a Milestone in Lessening Fraud,” Hauben explores how the widespread transition to chip card technology will impact the fraud landscape. From the story:

“If you’re not face to face, chip card technology doesn’t apply,” said Michael Boukadakis, founder and CEO of Enacomm. “I expect that fraudsters will focus more of their energy on card not present transactions, and fraud tied to purchases where a payment card is not physically presented will climb.”

Boukadakis says that chip technology makes both credit and debit cards much more difficult to clone, but it’s important to recognize that counterfeit credit cards only account for a little over a third of credit card fraud. New chip cards will fight fraud at the point of sale, but nevertheless, chip cards that are physically stolen can be deceptively dipped at updated payment terminals.

“Fraudsters will paint a bullseye on retailers – from big box to mom-and-pop stores – that drag their feet in adopting payment terminals that can verify the validity of the new EMV chip cards,” said Boukadakis.

The conversion to EMV will start making a difference immediately with the liability shift date finally in the past. Most retailers who have not already upgraded their payment terminals will do so in short order to avoid taking the hit for fraudulent transactions that could have been thwarted. According to Boukadakis, there will likely be a dip in counterfeit credit card fraud during Q4 2015 and a dramatic decrease in 2016.

Chip credit card technology doesn’t protect against the full spectrum of financial fraud. In addition to security issues with stolen chip credit cards and card not present transactions, fraudsters hack online bank accounts and hijack high-risk transactions.

The use of multi-modal, multi-factor authentication applications will decrease the amount of financial fraud.

The financial industry should also take a serious look at voice biometrics technology, which Enacomm offers in the form of Enacomm Voice Authentication (EVA). With a 99.99% success rate, it’s a proven method of identification that is more reliable that fingerprint scanning and facial recognition and is perfect for multi-layered authentication systems.

Enacomm Voice Authentication neutralizes brute force attacks, credential sharing, hacking, Phishing, Vhishing, credential resets, Internet searches and social engineering. Card not present attacks abound and will only increase with the EMV shift.

To read Hauben’s full piece, click here. To learn more about multi-modal, multi-factor authentication and the use of voice biometric technology for customer authentication, contact the Enacomm team at sales@enacomm.net or 1-877-860-0025.

Enacomm’s 4Cast = Perfect Solution for Marketing Automation

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Enacomm’s 4Cast® is a hosted CRM product that automates intelligent customer interactions, predicts future behavior and conducts targeted messaging campaigns. 4Cast tracks customers’ activities and anticipates their needs in real-time. Using an advanced real-time decisioning engine, 4Cast researches hundreds of data points and accesses dozens of business policies to provide an exceptional customer self-service experience – all while aggressively conducting ongoing marketing and retention campaigns that are unique for each customer. From recognizing a customer by name to performing complex account analysis and probability modeling, 4Cast autonomously works to upsell, communicate and retain.

Click here to download a brochure on 4Cast. To receive more information or to schedule a product demonstration, contact Enacomm today.

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.

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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.

What’s the Best Form of Biometric Security for Banks?

Biometric Update logoWriting for Biometric Update – the leading online source for breaking news, analysis, and research about the global biometrics industry – Enacomm CMO David Anderson explains in an expert guest article why voice biometrics technology may be a better choice for banking security than fingerprint or facial recognition. In the piece, “All forms of biometric authentication are not created equal,” Anderson notes that biometrics security technology is now being more widely used thanks to the proliferation of smartphones with high-quality microphones and cameras that make the process easy. While ease is a priority when choosing between biometric identification methods, he says, effectiveness is just as important.

Touch biometrics is often one of the least reliable forms of biometric authentication, as fingerprint scanners can be easily duped. From the article:

For the pros, making fingerprint dummies is relatively easy. Tsutomu Matsumoto, a security researcher at Yokohama National University, created a way to fool biometric scanners 80 percent of the time by taking a photograph of a fingerprint left on a wine glass, for example, and re-casting it in molded gelatin. Nine out of 10 fingerprint readers can even by tricked by manipulated Play-Doh from your local department store, as proven by hackers. What’s more, it’s possible for cyber-criminals to intercept fingerprint data from Internet-enabled biometric scanners as it’s sent to the computer server for processing.

More reliable than touch, facial recognition has close to a 98 percent success rate. However, fraudsters have been able to find cracks in the technology. According to Anderson:

In recent years, facial recognition technology has greatly improved its accuracy and is nearing a 98 percent success rate. Discovered methods of deception, user error and the fact that facial scanning can be faulty in direct sunlight make up the two percent gap. Hackers have been able to reverse engineer the biometric information stored in (not-so-)secure databases to print photos that dupe most face scanners. Security researchers at companies like MasterCard and USAA believe blinking is the best way to prevent a fraudster from holding up a picture of the individual being impersonated to fool the system.

More accurate than fingerprint or facial recognition, voice authentication has a 99.99 percent success rate. According to Anderson, it should be a top security choice for financial institutions, particularly when it comes to important, high-dollar transactions. From the piece:

A voice print is a sophisticated model against which future voice utterances are compared, using complex algorithmic processing. There is no physical “voice” or sound recorded on the computer. One cannot reverse engineer a voice biometric template or print to create a spoken voice.

Anderson goes on to emphasize that, “Because there is no single, perfect solution, it is recommended that multiple verification methods be employed by financial institutions.”

Click here to read the full article on Biometric Update’s website. To learn more about Enacomm Voice Authentication (EVA), go here.

Freedom and Security in Cyberspace with Multi-Factor Authentication

Today, with nearly every aspect of Americans’ everyday lives tied to the Internet, online security has never been more important to protecting our freedoms. When it comes to personal banking, Mercator Advisory Group reports that 86% of U.S. adults now manage their bank accounts electronically. However, only half of smartphone owners with a bank account did at least one mobile banking transaction last year, according to a report from RateWatch. Nearly two-thirds of those who did not use mobile banking cited security concerns, and RateWatch contends that mobile banking will only increase if those concerns are addressed. When it comes to banking transactions, passwords are not enough – and The White House agrees.

Earlier this year, the federal government released a Fact Sheet tied to its Summit on Cybersecurity and Consumer Protection. From the release:

“As a nation, the United States has become highly digitally dependent…But this dependency also creates risks that threaten national security, private enterprises and individual rights. It is a threat not just here in the United States, but one that everyone, everywhere who is connected to cyberspace faces.”

President Obama has been committed to strengthening our country’s cybersecurity since he first took office, but cyber threats “have grown more diffuse, acute, and destructive”. Fraudsters take advantage of the reach and anonymity that cyberspace presents.

Banks are top targets for cybercriminals. Multi-factor authentication, which means that a user’s identity is verified for a transaction or login using more than one method of authentication, is critical to protecting financial institutions and their customers. Enacomm offers new authentication technology that does not rely solely on a password, but instead employs Knowledge-Based Authentication (KBA) and biometrics. Enacomm’s mobile eKBA uses a layered, dynamic approach – versus older static methods – and integrates fraud detection, validation and authentication into a single process, while Enacomm Voice Authentication (EVA) authenticates and protects customers using voice biometrics with a 99.99 percent success rate.

Combining KBA with biometrics creates a robust defense against fraudsters. Enacomm’s security technology for financial institutions is compliant with FFIEC guidance, the federal Fair Credit Reporting Act, the USA Patriot Act, and the Gramm-Leach-Bliley Act, and it’s aligned with The White House’s new Cybersecurity and Consumer Protection Initiative.

To learn more, reach out to the Enacomm team at 1-877-860-0025 or sales@enacomm.net.

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What’s Most Important When Measuring Customer Experience?

Real-time usability feedback is crucial when measuring the customer experience. Rapid response time, time in queue, total experience time, terminations, and the number of transfers required are all key metrics that should be gauged. An analytics tool for reporting, monitoring, and alerting allows organizations to make informed decisions based on key trends and quickly tune applications to improve overall customer satisfaction and retention long-term.

ViA® is Enacomm’s analytics tool for call centers featuring real-time IVR, CTI and Quality reporting, monitoring, and alerting. In addition to serving as a powerful analytics tool that quickly tunes IVR applications, ViA provides usability feedback, proactively helps make informed decisions, improves customer satisfaction, and identifies key IVR trends.

While methods like customer surveys are important for evaluating the customer experience and can help pinpoint any trouble areas, statistical information can provide an objective overview. “Total time” to conduct a single function, for example, is one of the many factors Enacomm measures to determine how well the consumer experience is flowing. Account usage also helps to inform customer satisfaction. For example, satisfied customers more often use their accounts for core purchases at retail stores.

As for the self-service experience, providing customers with intelligent interactions is paramount, as Frost & Sullivan emphasizes. One of the primary reasons customers become frustrated with this segment is the unnecessary friction they encounter while in the self-service system. By replacing conventional service paths with intelligent paths based on customer data, the friction is minimized.

Enacomm is a leading provider of personalized, multi-modal self-service voice and data processing products and services, including hosted IVR. Innovating since 1986, Enacomm’s team of subject-matter experts guides organizations of all sizes to stay ahead of the curve by implementing advanced, intelligent customer service technologies.

While some focus on containment in the IVR or other automated systems, this measure alone can be misleading and even detrimental to the customer experience. Instead, one must look at all factors available to create an optimal balance, containing customers to the self-service system while providing an exceptional customer experience.

Enacomm can help you measure and improve the customer experience that your organization delivers. Give us a call at 1-877-860-0025 or send an email to sales@enacomm.net.

Flickr/wisdomlight

Flickr/wisdomlight

What can financial institutions learn from the White House’s 30-day cybersecurity sprint?

Nextgov reports that “the White House has directed all federal agencies to take a series of swift measures to lock down government systems, in the wake of a devastating hack that possibly delivered Chinese spies data that could compromise national security.”

During the mentioned data breach that hit the Office of Personnel Management, records on more than 4 million current and former civilian agency and military employees were leaked.

In a statement, the Office of Management and Budget officials said:

Recent events underscore the need to accelerate the administration’s cyber strategy and confront aggressive, persistent malicious actors that continue to target our nation’s cyber infrastructure.

U.S. Chief Information Officer Tony Scott has launched a “30-day cybersecurity sprint”, which includes accelerating the widespread use of multifactor authentication or “two-step ID checks”, because passwords alone are insufficient access controls, officials said. From Nextgov:

Requiring personnel to log in with a smartcard or alternative form of ID can significantly reduce the chances adversaries will pierce federal networks, they added, stopping short of mandating multi-step ID checks.

Multifactor authentication use is needed beyond the federal government. Financial institutions, for example, are prime targets for fraudsters seeking to steal personal information. Enacomm enables organizations to implement multifactor authentication by combining next-generation Knowledge-Based Authentication and biometric authentication.

What might that look like? A bank customer takes a selfie with her smartphone. Next, Enacomm’s system uses facial recognition to compare the photo with her driver license picture, which is stored in a national database. Next, Enacomm’s technology eKBA could prompt the bank customer to answer a few quick questions for which only she — the true user — would know the answers (verified through credit and non-credit sources). Voila! Multifactor authentication.

To find out more about Enacomm’s eKBA and EVA (Enacomm Voice Authentication), which employs voice biometrics technology, visit our products page.

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How Much Does A Data Breach Cost?

Criminal efforts to steal financial data continue to escalate. According to the Ponemon Institute, the cost of a data breach is now more than $3.8 million, on average – and that doesn’t even include the impact of “mega breaches,” such as the massive attack on Target, which can cost hundreds of millions of dollars. The newly reported figure is 23 percent higher than what it was just two years ago.

According to the research, the average hit for each compromised record including sensitive information is also up 6 percent, from $145 to $154. What’s more, nearly half (47%) of all breaches are caused by criminal attacks, which cost more to resolve than breaches due to human error, for example.

Enacomm’s security technology can help your organization prevent criminal attacks on your customers’ data. Read more about our products eKBA and EVA (voice biometrics authentication) at http://www.enacommweb.net/products.html.

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Customer Self-Service Adoption Is Increasing, Reports Forrester

Customer service channel usage is evolving,, and offering excellent self-service to consumers has never been more important. According to Kate Leggett of Forrester – VP, Principal Analyst serving Application Development & Delivery Pros – customers are using more communication channels for customer service than ever before and are contacting customer service organizations more frequently.

Here’s one key takeaway from Forrester’s latest consumer survey about channel usage for customer service:

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Consumers now expect service interactions to be quick and easy. When it comes to the IVR, only next-generation technology that enables intelligent interactions fits the bill. Enacomm is a leading provider of personalized, multi-modal self-service voice and data processing products and services. Delivered as hosted, on-demand and managed services through the cloud, Enacomm’s IVR solutions are helping organizations cut costs, improve loyalty and increase member retention.

To learn more about Enacomm’s hosted IVR, download our brochure here, or contact us at sales@enacomm.net or 1-877-860-0025.