Tag Archives: banks

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.

Win and Keep Customers with Top-Notch Mobile Banking

The Consumer Financial Protection Bureau (CFPB) yesterday announced that it will explore how mobile banking and financial services applications can empower consumers—particularly the unbanked and underbanked—to take more control over their financial lives. “For the economically vulnerable, mobile can enhance access to safer, more affordable products and services in ways that can improve their economic lives,” said the federal consumer watchdog in its notice and request for information about banking with wireless devices.

Via the bureau’s issuance:

A major development in the consumer financial services market over the past few years has been the increasing use and proliferation of mobile technology to access financial services and manage personal finances. For example, last year 74,000 new customers a day began using mobile banking services. Using a mobile device to access accounts and pay bills can reduce cost and increase convenience for consumers. By enabling consumers to track spending and manage personal finances on their devices through mobile applications or text messages, mobile technology can help consumers achieve their financial goals.

Enacomm recognizes the valuable role that mobile technology can play in helping consumers manage personal finances. For example, “Outbound Courtesy Messages & Alerts” is one of the modules of Enacomm’s 4Cast™. Perfectly suited for the financial industry, 4Cast is a hosted CRM product that automates intelligent customer interactions, predicts future behavior, and conducts targeted messaging campaigns. With 4Cast’s Courtesy Messages & Alerts, customers can select voice calls or text alerts for things like a low balance or suspected fraud. Enacomm is a leader in delivering the technology recognized by the CFPB that empowers consumers.

According to the Federal Reserve Board’s most recent survey on mobile financial services, one-third (up from 21 percent in 2011) of mobile phone users and over half (up from 42 percent in 2011) of smartphone users utilize mobile banking services (and the numbers are even higher in the underbanked population!). With an increasing number of consumers relying on mobile financial services, it has never been more important for financial institutions to focus on improving customer communication in this contact channel. To win and retain customers and members, organizations have to meet consumers where they are: on-the-go and on their phones.

Mobile is a primary platform for connecting with customers; additionally, it is important for financial institutions to get the full picture of a consumer’s interaction with its brand. This growing channel should be part of a multimodal approach to customer service. By implementing an enterprise-wide policy management solution, communications can adapt to changing customer dynamics in real-time in order to create intelligent interactions.

Enacomm is a leading provider of personalized, multimodal self-service voice and data processing products and services to the financial industry. We can help your organization maximize the mobile channel as part of a larger strategy to win and keep customers. Give us a call at 877-860-0025 and ask for Sales, or drop us a line at sales@enacomm.net and we’ll reach out to you with more information.

Flickr/Highways Agency

Flickr/Highways Agency

Enacomm Named to MasterCard Compliant Service Provider List for Commitment to Payment Data Security

lock and keyEnacomm made the list – again! In order to be named a MasterCard Compliant Service Provider, a company must 1) Give MasterCard a copy of an Attestation of Compliance (AOC) by an independent Qualified Security Assessor reflecting validation of the company being PCI DSS compliant, and 2) Be registered as a Service Provider by one or more MasterCard customers. Enacomm’s AOC date was February 24, 2014, and its Assessor was True Digital Security, Inc. Find us on MasterCard’s list here.

An important credential, Enacomm is PCI DSS Level 1 compliant, having completed an on-site audit, quarterly network scanning, and numerous other security audits. What is PCI DSS? It’s a security standard that was created by payment industry leaders to reduce vulnerabilities in IT related processes, procedures and infrastructure.

Payment data security is top-of-mind for consumers in the wake of an egregious breach at the end of 2013. Enacomm CEO Mike Boukadakis observed:

“Consumers are still rattled and amazed by seeing as many as 40 million Target Retail customers get their credit and debit card data stolen over the holidays.”

But, as an intelligent customer interactions technology provider for the payments and financial industries, Enacomm is committed to helping its customers protect themselves against this injurious theft. In fact, we go to great lengths to ensure security of cardholder data. As explained by Enacomm’s Chief Operating Officer David Jackson, “Hundreds of steps must be taken every year to receive this affirmation from MasterCard – but Enacomm appearing on this select list of companies isn’t the first time and won’t be the last.”

Jackson added, “Enacomm supports our partners every day to give them peace of mind that their cardholders are protected.” (Keep an eye out for a Slashdot interview with David on payment data security! He’ll be participating in a Google Hangout with the six-million-plus-reader publication later this week.)

Give us a call at 877-860-0025 to learn how we can help you protect your customers’ payment account data and every transaction.

 

Speech Tech Mag Cites Enacomm-Banking Up Partnership to Show How Financial Institutions Are Advancing Customer Care

speech tech mag

An article recently published by Speech Technology Magazine explores how financial institutions have used speech technology for the past two decades, as well as what’s on the horizon. From the piece:

Many other industries have looked to financial firms as leaders in customer care and service, and with good reason: Retail banks, investment firms, and credit card providers have consistently been at the forefront of technology-driven innovations that have centered around telephone, mobile, and online interactions.

The story, “Banks Can Use Speech to Personalize Interactions,” points out that banks were at the forefront of interactive voice response (IVR) system adoption. Card activation, balance inquiry, PIN and password changes, account enrollment, address changes, branch and ATM locations, funds transfers, and reporting lost or stolen cards are all named as uses for the technology across the customer life cycle. To be proactive and help foster customer loyalty, banks use IVR technology to reach out to customers with card activation reminders, low balance alerts and fraud alerts, as well.

The article goes on to shed light on how financial institutions are advancing beyond basic IVR menus. Used as an example of a cutting-edge point solution, Banking Up teaming up with Enacomm (see our press release on the partnership here) is highlighted to show how financial institutions are using speech technology to increase personalization while maintaining a sense of security and controlling costs. From the story:

Banking Up, a personal finance platform that enables banks and businesses to provide customers with a mobile alternative to traditional checking accounts, has enlisted Enacomm, a provider of voice processing infrastructure, applications, and services, to deploy a hosted, self-service IVR. The platform is further supported by Enacomm’s analytics software, allowing Banking Up’s internal database to be used to create intelligent interactions. An adaptive decisioning engine driven by real-time access to customer data engages patrons with unique, personalized exchanges.

Find the whole Speech Technology Magazine article here. And give us a call at 877-860-0025 to learn how Enacomm can help your organization – financial institution or otherwise – evolve  its customer care with technology that harnesses dynamic decisioning to create intelligent interactions.