Tag Archives: voice biometrics

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

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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

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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.

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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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Enacomm CMO to Speak on Improving the Mobile, Multichannel Customer Experience at VBC New York 2015

Enacomm will join Opus Research for VBC New York 2015 (Voice Security & Authentication Conference) next week. At the event, Vice President & Chief Marketing Officer of Enacomm David W. Anderson will speak on the role of voice biometrics authentication in creating simple, secure customer communications channels.

On May 4-5, 2015, VBC New York will bring  together leaders who are integrating voice into multi-layered and multi-factor communications for authentication and security. The event will showcase an array of technologies that support trusted communications over the web, mobile phones and tablets. A focus of the conference will be voice biometrics in conjunction with other technologies that lower the incidence and impact of phone-based fraud while making the world safe for mobile commerce, transaction authentication and cloud computing.

The VBC session during which Anderson will speak is titled, “Improving the Mobile-First, Multichannel Customer Experience.” Anderson will join a lineup of customer experience (CX) executives to tackle the pressing issues for creating simple, secure communications lines with customers. The panel will take place from 10:00 AM – 10:45 AM ET on Tuesday, May 5.

“Voice biometrics are more reliable than fingerprinting and more customer-friendly than static security questions and passwords, with nothing for customers to remember or lose,” said Anderson. “Voice biometrics authentication cuts costs, saving 20 percent
or more of customer service reps’ valuable time, while providing a superior service experience.”

Enacomm Voice Authentication™ (EVA) is an application that enables reliable log-in and transactional authentication of customers from any phone, any time. To watch a short video on EVA, click here.

For updates on Enacomm’s presence at VBC New York 2015, follow @Enacomm on Twitter.

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David W. Anderson

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

Chip Tech Will Not Help with “Card Not Present” Threats

According to Reuters, analysts predict that credit card fraud at brick-and-mortar retailers will fall with the move to chip-enabled cards…but what about “card not present” threats? Aite Group estimates online card fraud will more than double in the U.S. to $6.6 billion from $3.3 billion between 2015 and 2018. It’s a side-effect of the chip transition that’s been encountered in other countries, as well.

Voice biometrics technology can help fill the card security gap. To learn more about Enacomm Voice Authentication (EVA), click here.

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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.

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Enacomm’s Voice Biometrics Is Even More Reliable than Fingerprinting

Want a proven and reliable method of customer identification? EVA’s (Enacomm Voice Authentication™) voice biometrics system boasts a 99.99% success rate! Learn more about the technology here.

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