Tag Archives: financial institutions

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.

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 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.

cybersecurity sprint meme

Enacomm Goes to Corelation 2015 Client Conference

Enacomm is working with the credit union community more and more. This week, Enacomm was a silver sponsor of the Corelation 2015 Client Conference in San Diego. Based on the West Coast, Corelation offers an innovative core processor for today’s credit union. At Corelation’s conference, the Enacomm team showed credit unions how Enacomm’s intelligent interactions technology can help create an excellent customer service experience while saving money.

Enacomm is a Recognized Vendor of Corelation. One member-owned financial cooperative that is benefiting from banking technology implemented by Enacomm is SafeAmerica Credit Union. SafeAmerica’s successful transition to Enacomm’s next-generation IVR was recently announced. Already, the credit union’s members are reporting that they appreciate the personalized, streamlined experience with the new IVR banking system.

Below is a photo of Enacomm team members at the Corelation 2015 Client Conference.

Corelation 2015 - team

To learn more about how Enacomm can help your organization streamline the customer experience and cut costs with interactive and intelligent customer self-service and assisted-service solutions, reach out to us at sales@enacomm.net or 1-877-860-0025. We look forward to partnering with you!

Enacomm Voice Authentication Fights Phishing Flagged by Akamai in New Report

This week Akamai Technologies released its Q4 2014 State of the Internet Report . Section 1 of the report focuses on security and details escalating, advanced attacks. Phishing, for instance, is a form of fraud that involves defrauding an online account holder of financial information by posing as a legitimate company.

To help prevent fraudsters from compromising online banking accounts and, for example, wiring a victim’s funds to a third-party account, the report emphasizes user awareness. An excerpt:

Because end users are the target of these attacks, training and education are needed to help them identify suspected phishing attacks…Users should not respond to e-mail requests with sensitive information and should contact their financial institutions with questions about suspicious banking emails. It’s a good idea to browse directly to a financial institution instead of clicking a link.

Banks, credit unions and prepaid companies can help thwart online account break-ins and wrongful transactions, too. Enacomm Voice Authentication (EVA) utilizes voice biometrics technology to protect financial institutions, customers and members, fulfilling Federal Financial Institutions Examination Council (FFIEC) guidance. Click here to learn more. Enacomm’s team is available to help with questions about EVA – call 1-877-860-0025 or email sales@enacomm.net.

Phishing infographic

Meet Eva – Enacomm Voice Authentication – at Money20/20

Now, you can see Enacomm’s new Eva voice authentication technology at Money20/20. Enacomm will demonstrate how Eva can help you authenticate and protect your customers using advanced voice biometrics.

If you haven’t already signed up for the conference, there is still time to take advantage of our 20% registration discount. Send a note to sales@enacomm.net.

Multi-layered customer identification and authentication are vital to the security of financial institutions and payment organizations – and are recommended by the FFIEC. With Eva, your customers can use their voice to authenticate. There’s nothing to lose or forget – and voice authentication cannot be stolen or compromised like other methods. In fact, voice biometrics are more reliable than fingerprints and Eva’s system has a 99.9% accuracy rating.

We hope you’ll stop by Booth #707 at Money20/20 to meet Eva. But, if you can’t wait or are not attending, contact Enacomm at 1-877-860-0025 for a personal demonstration.

This year, Money20/20 will take place at the Aria Resort & Casino in Las Vegas, November 2-6, 2014.  The two-week countdown is almost here!

Win Big in Vegas – Visit Enacomm in Booth #707.

Eva blog pic

 

SafeAmerica Credit Union Taps Enacomm for Intelligent IVR Technology

SafeAmerica Credit Union logoSafeAmerica, a $310 million community-chartered Credit Union with 25,000 members across six public and two company branches in the San Francisco Bay Area, has chosen Enacomm to provide intelligent customer interactions technology. SafeAmerica will be putting Enacomm’s financial suite to use, including Interactive Voice Response (IVR) technology.

Enacomm recently became a Recognized Vendor of credit union core processor Corelation. The relationship opened the door to Enacomm serving SafeAmerica’s self and assisted-service needs. Together, Enacomm and Corelation will help SafeAmerica provide its members with top-notch service to increase member attraction and retention.

“Integral to our mission is exceeding members’ expectations with superior personal service and convenient means of access to financial products and services,” said Barry Roach, President & Chief Executive Officer of SafeAmerica. “Enacomm’s next-generation technology enables us to achieve these goals with personalized self and assisted-customer service that makes it quick and easy for our members to find the answers they need.”

Enacomm’s financial suite enables outbound alerts and notifications, in addition to including a smart IVR system. This self-service technology helps organizations significantly cut costs. The average assisted-service call costs a company about $2.50 while a self-service call runs less than $0.13. Delivering intelligent customer interactions is the best way to improve an organization’s bottom line, while ensuring a positive customer service experience.

“SafeAmerica’s values are built upon the aim to create lifelong relationships with its members,” noted Enacomm CEO Michael Boukadakis. “Enacomm’s advanced technology helps credit unions increase member loyalty and retention with positive, painless customer service experiences. We’re proud to equip SafeAmerica with the tools it needs to fulfill its commitment to service excellence.”

For more, check out stories on the new team-up from Speech Technology Magazine, TMCnet, Paybefore and Software Magazine.

Enacomm CEO Pens Article for Paybefore on Knowledge-Based Authentication

Enacomm CEO Mike Boukadakis has penned a new op-ed for Paybefore™, the leading provider of information to the prepaid, mobile and emerging payments industry. The piece, “Fight Fraud without Alienating Customers Using Mobile, Knowledge-Based Authentication,” opens by shedding light on the recent escalation of fraud in the United States. From the article:

More than $1.6 billion in fraud-related losses were reported to the FTC last year, and the government agency received more than 1.1 million fraud complaints, a number that has nearly doubled since 2008.

Using stolen identities to open fraudulent credit accounts or making fraudulent charges on an existing account is the second most commonly reported form of identity theft. Fraudsters also are taking these tactics to prepaid—using stolen identities to open fraudulent accounts.

But knowledge-based authentication (KBA), or “out of wallet” authentication, is one of the most effective tools in the technology shed for battling these activities, according to Boukadakis. Using a layered, intelligent, dynamic approach, Enacomm’s eKBA is a nonintrusive way to validate and authenticate legitimate customers and stop fraudsters in their tracks.

Enacomm’s eKBA allows organizations to mobilize authentication and onboarding of customers. Quick and reliable, it can be accomplished in real-time via a mobile device, making it more comfortable and convenient for consumers to use.

To help protect against escalating fraud, stricter laws and industry standards on customer authentication have been put in place. Compliant with FFIEC guidance, the federal Fair Credit Reporting Act, the USA Patriot Act, and the Gramm-Leach-Bliley Act, eKBA is a must-have for fraud prevention that does not sacrifice a positive customer experience. From the Paybefore article:

Federal law requires all financial institutions to obtain, verify and record information on each person who opens any type of financial account. And detailed in its “Supplement to Authentication in an Internet Banking Environment,” the Federal Financial Institutions Examination Council (FFIEC) asks that a variety of processes and technologies be used as part of a multilayered approach. Of note, the FFIEC’s requests that financial institutions enhance simple device authentication, such as static cookies, customer derived enrollment information and IP address confirmations. The FFIEC asks financial institutions to move well beyond those measures and to employ more complex, layered device identifications and out-of-wallet verification processes and procedures. Specifically, the FFIEC guidance says, “Challenge questions can be implemented more effectively using sophisticated questions. These are commonly referred to as out-of-wallet questions that do not rely on information that is often publicly available.”

But as Boukadakis points out, “…asking a customer for multiple pieces of information and presenting him with various questions…can throw a major wrench in the prepaid card activation model.” He goes on to explain, “When consumers set their sights on reloadable prepaid cards, they want to load and use the cards immediately. Approval of a request for a prepaid card may be significantly delayed pending receipt of the requested documentation and subsequent verification, which can result in customer card abandonment, lack of activation or even the purchase of another type of card that can be accessed immediately. Mailing prepaid cards or applications is also extremely expensive, and a large portion of companies’ investments are wasted on cards that are never activated or loaded.”

In summary, out-of-wallet authentication must be accomplished in real time—and that means mobile. Enacomm’s eKBA can combat escalating fraud while meeting industry standards and laws. Read the full article to understand what authentication of a customer and activation of his or her account via mobile eKBA would look like. And, for more information, give Enacomm’s sales team a call at 877-860-0025 or send an email to sales@enacomm.net.

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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

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

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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.