Tag Archives: FinTech

Enacomm to Demo Voice Biometrics at Money20/20

Money2020 logo 2015

This fall Enacomm is headed to Vegas for the annual Money20/20 conference – and this year’s going to be bigger than ever. Our team will be showing the payments and financial services industry Enacomm Voice Authentication (EVA) in Booth 2231. EVA enables easy and reliable customer verification using voice biometrics technology with a 99.99% success rate, and it improves the customer experience with nothing for consumers to lose or forget.

The 2015 show is coming to The Venetian, October 25-28. Money20/20 organizers expect to pack the house with 4,000 more attendees than in 2014. You can check out the largest global event focused on payments and financial services innovation, too! Drop us an email at sales@enacomm.net to receive a $250 discount off registration.

Enacomm enhances self-service and security for GPR and financial organizations across the US – more than a million times a day. Using web, mobile, SMS texts, email, voice and other communication channels, Enacomm creates a personalized, seamless multichannel experience for customers. From automated customer retention, cross-selling and messaging to multi-layered authentication that combines biometrics and KBA, Enacomm helps organizations reduce costs, provide an exceptional customer self-service experience, and safeguard against fraud.

Follow us on Twitter using @enacomm for news and surprises related to Enacomm’s presence at this year’s Money20/20. We can’t wait to show you how Enacomm is streamlining customer authentication to help card companies and financial institutions fight back against fraud.

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.

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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paybefore logo

Enacomm CEO Writes Expert Article for Paybefore: “5 Ways to Make Prepaid Card Onboarding Less Painful for Consumers”

In a new expert article for Paybefore, the leading provider of information to the prepaid, mobile and emerging payments industry, Founder & CEO of Enacomm Mike Boukadakis shares five keys to keep in mind to make the authentication process a positive experience for prepaid consumers:

1. Lose the in-store lag time

Customers want to be able to load and use prepaid cards immediately when they buy them in-store. The need to verify personal information and authenticate consumers’ identities before a reloadable personalized card—with higher load limits—can be mailed, causes days or even weeks of delays, resulting in loss of customer interest and failed activations. Mailing cards is also expensive. A large portion of an organization’s investment is wasted due to activation lag or abandonment. With a rapid onboarding solution, cardholders can be authenticated with accounts activated and ready to reload cash in minutes.

2. Mobilize account activation

Next-generation Knowledge-Based Authentication (KBA) enables organizations to authenticate customers via their mobile phones and activate their accounts in real time. A customer can use his or her mobile device to activate immediately and load additional cash on the card without leaving the store. Plus, a prepaid card company, for example, can authenticate the customer on-the-spot, without using the IVR or the costly interaction of a customer service representative speaking live with the consumer. Engaging customers in their “mobile moment” with an activation and authentication service is more comfortable and convenient for many customers.

3. Use a customer-friendly interface

Research and anecdotal evidence suggest many customers avoid calling an IVR or interacting with an agent for activation and authentication and would prefer to be helped through the process by a pleasant avatar. Alternatively, they can authenticate by landline or the Web. Using a customer-friendly interface, next-generation KBA guides cardholders through authentication using leading-edge techniques that draw on credit and non-credit databases. With the significant rise in wireless usage, mobile KBA meets the wants and needs of consumers.

4. Make the process quick and easy

The fast pace of society and business calls for quick, reliable mobile authentication. Using a layered, dynamic approach versus older static methods, new KBA technology integrates fraud detection, validation and authentication into a single process. Customers can simply tap a link, then click a few buttons and authentication will be complete.

5. Avoid intrusive requests

Financial institutions are required to positively identify and authenticate their customers—but the process shouldn’t be akin to the Spanish Inquisition. A brief explanation prior to conducting KBA—both the explanation and KBA can be automated—will put the cardholder’s mind at ease. Instead of human agents making customers feel like they’re in the hot seat with challenge questions, automated KBA asks for limited personal information and then presents questions that can easily be answered by the true user. Information, such as a Social Security number or ZIP code, can be entered using many types of mobile devices. A variety of questions, which are dynamic in nature, change with each customer’s access. Today’s KBA technology asks customers a series of multiple choice questions, and if the customers do not answer all of the questions correctly, additional questions will be posed or a call can be placed for further verification.

Enacomm offers multilayered authentication for financial institutions that combines advanced KBA with biometric technology. To learn more about Enacomm’s eKBA, click here. And for information on Enacomm Voice Authentication (EVA), which harnesses voice biometrics, go here.

Head on over to Paybefore to read Boukadakis’ full guest article, “5 Ways to Make Prepaid Card Onboarding Less Painful for Consumers.”

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.

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.

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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!