Earlier this summer, LumenVox was a proud sponsor at the Opus Intelligent Authentication Conference in Munich. While the event featured a plethora of information to aid organizations in better understanding how authentication, identification, and fraud prevention technologies in enterprise voice and digital channels can stop fraudsters, build customer loyalty, and enable simple, trusted digital commerce, the top five voice biometric authentication trends were clear to us:
- It’s all about fraud – In a world where data is a valuable commodity, criminals are acting in increasingly sophisticated and organized way to be able to steal and abuse that data. The advent of chip cards, for example, has made credit card fraud much harder, and criminals are going after what they see as ‘soft targets’ – such as call centers. According to Forrester, on behalf of Neustar Mitigate Fraud And Consumer Friction with Integrated IDV 2019 study, 61% of surveyed firms had seen an increase in identity theft fraud in the preceding 12 months. According to a 2019 study, 50% of fraudulent account takeover attempts in the financial services sector come through the call center and 23% in the non-financial services sector. LumenVox, recognizing that the threat landscape is evolving, offers a Fraud Detection solution that utilizes advanced voice biometric algorithms coupled with state-of-the-art neural networks to alert fraud teams to suspicious calls in real-time.
- It’s all about the customer – Customers are becoming increasingly frustrated with lengthy or inconvenient authentication processes. According to a 2019 study, 46% of respondents were frustrated with authentication processes, versus 31% the previous year. LumenVox’s Multi-Factor Authentication offering is designed to counter that frustration through seamlessly and securely authenticating customers in a manner which ensures the customer experience is excellent.
- Voice biometrics is moving into the B2C market – Lloyds Banking rolled out Voice Identification to its Halifax, Lloyds Bank and Bank of Scotland customers in October 2018, offering customers the chance to enroll for voice authentication. It’s now the most commonly used mode of authentication among the bank’s customer base. Deutsche Telekom introduced its “SprachID” in August 2018 and has also experienced high degrees of adoption. Active Voice Biometrics solutions, like LumenVox’s, offer a convenient and secure way to enable this functionality for businesses and consumers.
- Active voice biometrics for self-service applications for end-consumers is still very compelling – For self-service channels, active voice biometrics offer a convenient, and secure means to authenticate customers who need to perform tasks such as password resets, updating of personal details, secure app interactions and pre-authentication in an IVR queue and, as such, remains a compelling offering. The LumenVox Password Reset solution allows users to actively authenticate by repeating a random set of words or a passphrase. Once they’re authenticated they can reset their passwords immediately. Users can also use the same voiceprint to authenticate across multiple channels – like mobile and web – for a convenient omnichannel experience.
- Cloud-based hybrid voice biometric systems are becoming a trend – Especially for non-financial sector call centers. Globally, more and more organizations are looking for solutions that are flexible and operate on a pay-as-you-use basis. A voice biometric solution is no different. A consolidated voice bank that can streamline customer engagement and leverage the customer’s voice across multiple brands and commercial entities, like LumenVox’s Call Center solution, offers organizations a compelling solution.
Ready to learn more about the top five voice biometric authentication trends and how the LumenVox suite of solutions can aid your organization in obtaining maximum fraud prevention while offering customers exceptional experiences? Contact us today!