Tag Archives: voice authentication

Biometric Technology Needed to Win the War against Financial Fraud, Explains Enacomm CEO in Biometric Update Byline

Biometric Update logo

 

 

October 31st is just around the corner, but as Enacomm CEO Mike Boukadakis pointed out in a recent guest article for Biometric Update, this month ushered in “something scarier for ill-prepared merchants than anything Halloween has to offer.” The EuroPay, MasterCard, and Visa (EMV) payments liability shift occurred on October 21, 2015, and now “all retailers across America will be forced to take the financial fall when card criminals successfully launch attacks that could have been thwarted.”

New payment terminals that are able to verify chip-enabled credit cards will help fight fraud at the point of sale by stopping fraudsters with counterfeit credit cards in their tracks, but Boukadakis notes that this type of trickery is just a sliver of the larger financial fraud pie. From his op-ed:

Counterfeit credit cards only account for about 37 percent of credit card fraud, and card fraud itself is just a sliver of the larger financial fraud pie. Chip credit cards can still be stolen, and card not present transactions are rife with vulnerabilities. And beyond the card front, fraudsters breach online bank accounts and devilishly divert high-risk transactions. While chip technology will help foil the false reproduction of credit, debit and prepaid cards using stolen information, biometrics must be added to the financial industry’s arsenal to win the war.

Biometrics technology, Boukadakis explains, is needed to win the war against financial fraud, and voiceprint recognition is a proven method of identification that is well-suited for multi-layered authentication systems. By conducting sophisticated analysis of hundreds of voice characteristics, a bank, credit union or prepaid company can accurately identify and authenticate a customer in real-time.

Voice authentication is Reliable with a capital R; it has a 99.99 percent success rate. From Boukadakis’ piece:

While PINs and other authentication data are codes that can be cracked, a person’s voice cannot be compromised or stolen. Tech-savvy crooks cannot reverse engineer a voiceprint to create a spoken voice, and even voice “replays” are of no concern, because next-generation technology can ask for words, numbers and phrases in random order. Stolen voiceprints and voice recordings are useless.

Whether faced with brute force attacks, credential sharing, hacking, Phishing, Vhishing, credential resets, Internet searches or social engineering, voice biometrics offers a stronger defense than traditional methods of identity verification—and, unlike a chip credit card, there’s nothing for the customer to lose.

Last year, annual fraud costs totaled $32 billion – a 38 percent jump from 2013 – according to a LexisNexis study, so “the nationwide shift to EMV should be welcomed with open arms,” says Boukadakis. But the war is far from over with attacks in the mobile and online spaces becoming more intense. To learn more about why banks, credit unions and prepaid companies should set their sights on voice biometrics as the next line of defense against financial fraud, read Boukadakis’ byline for Biometric Update, “Biometrics Needed to Win the War against Financial Fraud.”

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.

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.

Acuity meme - 1

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.”

Enacomm’s David Anderson Gives Talk on Voice Biometric Authentication at CARTES AMERICA 2015

CARTESFraud, identity theft and security breaches are increasing, underscoring the need for better defense against these attacks. Today at CARTES SECURE CONNEXIONS AMERICA 2015, David W. Anderson, Vice President & Chief Marketing Officer of Enacomm, Inc., will present on voice biometrics, a proven method of identification that is perfect for multi-layered authentication systems.

CARTES AMERICA 2015 is taking place at the Walter E. Washington Convention Center in Washington, D.C. for its 4th edition. As the global event for Payment, Identification & Mobility, CARTES encompasses the whole value-chain of the smart card industry, innovative payment solutions, digital security and identification.

Anderson will speak today from 4:00-4:30pm as part of the conference track, “Biometrics: Assured Identity in a Mobile World!” His talk will focus on voice authentication, which offers better defense against fraud than PINs or static security questions.

“One of the best weapons against fraud could be your customers’ voices,” said Anderson. “Customers prefer voice biometrics to other authentication methods, because it’s quick and easy to use, with no password to remember or lose. For financial institutions, it saves dollars by saving customer service reps’ time, eliminating the need for account verification or identification questions to be presented by an agent.”

Enacomm Voice Authentication™ (EVA) harnesses voice biometrics technology and enables reliable log-in and transactional authentication of customers from any phone, any time. To see a short video on EVA, click here.

Lower Costs, Happier Customers and Faster Authentication with Voice Biometrics

Opus Research this month released the second part of its Enterprise Series, Best Practices for Voice Biometrics in the Enterprise. The new report examines best practices for using voice biometrics for simple secure authentication in the enterprise across mobile, IVR, and contact centers. For more information, visit the Opus Research blog.Opus Research March 2015 meme

Biometrics and KBA Combine to Address Security Concerns

As part of an onboarding and authentication system, biometrics can be combined with advanced knowledge-based authentication to thoroughly address security concerns —for example, facial recognition by comparing a selfie with a stored photo at a records bureau.

Read Enacomm CEO Mike Boukadakis’ Paybefore guest article, “A Soon-to-Be Must-Have: Biometrics Authentication for Customer Service,” to learn more.

biometrics stat - meme - GIA

Enacomm CEO Writes on Biometrics Authentication for CRMXchange and Paybefore

CRMXchange logoRemember being fascinated by iris recognition, fingerprint scanning and voice analysis in movies like Men in Black, Mission: Impossible, and Minority Report? Thanks to new advancements, biometrics technology will soon transform the customer experience, too, allowing consumers to be identified based on their unique personal attributes.

In a new guest column for CRMXchange, Enacomm CEO Michael Boukadakis points out that “fraud, identity theft and data attacks are disproportionately plaguing our nation — breaches involving U.S. entities accounted for 41.1 percent of incidents worldwide, according to Risk Based Security.” Traditional forms of account authentication, Boukadakis explains, are no match for modern forms of fraud – but biometrics authentication can thwart sophisticated schemes. In the financial space, companies can use biometrics to control who has access to personal information and card data.

According to the article:

For organizations big and small, voice authentication is now a financially and operationally feasible application of biometrics technology…A voiceprint is distinctive like a thumbprint, but rather than an impression of the lines upon a fingertip being scrutinized, a sophisticated analysis of hundreds of voice characteristics is conducted. An algorithm is applied to break up and map each unique voice identity, which is then stored in an encrypted file. An individual can then be accurately identified and authenticated in real-time by matching particular characteristics of his or her spoken words every time he or she calls.

Not only will there be a significant increase in the adoption of biometrics to safeguard financial transactions, but the technology will also be used to improve everyday events such as turning on lights, starting a car, or buying coffee at Starbucks.

paybefore logoBoukadakis also recently penned a guest article for Paybefore, titled “A Soon-to-Be Must-Have: Biometrics Authentication for Customer Service.” Capturing the identity fraud crisis in numbers, the piece states:

There were more than 12 million identity fraud victims in 2012, and fraudsters stole nearly $21 billion, according to Javelin Strategy & Research. This is about one victim every 3 seconds. Large data breaches provide account and personal information to fraudsters, who then use it to access individuals’ accounts. America leads the world in the number of payment card accounts, including prepaid, that have been breached. Business Insider reports that payment card breaches cost card issuers $3.4 billion in 2012 and merchants another $1.9 billion.

Boukadakis observes that “voice biometrics technology has improved along with the underlying communications channels, reducing the cost of a single authentication to pennies per instance. Compare this to the cost for a customer service representative to authenticate a customer, which could easily be $2.”

As part of an onboarding and authentication system, biometrics can be combined with advanced knowledge-based authentication. Voice biometrics authentication, in particular, is incredibly reliable and shouldn’t be compared or confused with voice recognition. A voiceprint is distinctive like a thumbprint, but even more reliable than fingerprinting with a 99.99 percent success rate. Of interest, fingerprinting can provide misleading results due to contextual bias. Making his case, Boukadakis provides an example of the FBI mistakenly matching a partial fingerprint found on a bag of detonators linked to the March 2004 terrorist bombings in Madrid to Oregon lawyer Brandon Mayfield.

How are customers authenticated with voice biometrics? Using inbound or outbound calling, texts, a mobile application or Web browser. And voice authentication can be integrated with new or existing interactive voice response (IVR) and call center systems. When a customer calls the IVR, he or she can authenticate in real time, or if speaking with a customer service representative (CSR), the CSR can send the customer a text message with a “talk back” link. Alternatively, the cardholder could be connected to a mobile Web browser to authenticate. Because call centers and customer service reps don’t have to repeat account verification or identification questions, 20 percent or more of their time can be saved, resulting in reduced costs and a much-improved customer service experience.

While PINs and other authentication data can be breached, customers’ voices cannot be compromised or stolen. With heightened security concerns and the need for multiple methods of authentication, voice biometrics is one of the best ways to arm your organization against fraud.

To learn more about Enacomm Voice Authentication (EVA), give us a call at 877-860-0025 or send an email to sales@enacomm.net.

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