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3 Key Strategies for Credit Unions {in the Time of COVID}

3 Key Strategies for Credit Unions {in the Time of COVID}

There are three key issues on credit unions’ minds right now: Fraud, operations, and member experience. Fraud is a rising issue due to uncertain economic times. Operational efficiencies are a high priority because the contact center is now being inundated with calls—time, more than ever, is money. Member experience is always at the top of the priority list because it inspires every roadmap.

Is there a solution that can address all three?

There is. Passive Voice Biometric Authentication effortlessly authenticates members over the phone during the natural course of conversation with an agent. Members register their voiceprint, and on subsequent calls, their voice is matched to this unique identifier, giving the agent a green light when the identity claim is genuine and a red light when a fraudster is attempting an account takeover. This solution addresses these areas with these three key strategies for credit unions to tackle the following:

Fraud Detection

Passive voice biometrics, including fraudster detection, is a layer of security that seamlessly works with humans to prevent mistakes that often go unnoticed today. When a call comes in, the caller’s voice is compared to the voiceprints of known fraudsters. The agent is alerted and coached from there to take evasive action.

Operational Efficiencies

Reduce Agent Handle Times. Agents dread the first few minutes of every call. With LumenVox Passive Voice Biometric Authentication they can start solving the caller’s problem with confidence, verifying identity within seconds, not minutes. LumenVox Passive Voice Biometric Authentication results in reducing AHT by 30 – 60 seconds per call. This drives cost out of the contact center and improves your bottom line.

Member Experience

According to a study by Salesforce, 84% of customers say the experience a company provides is as important as its products or services. Voice biometrics enable your credit union to give your members a positive authentication experience, from the very beginning of the call. With LumenVox Passive Voice Biometric Authentication the member can be authenticated while speaking comfortably and naturally to an agent, reducing the need for a long line of interrogative questioning. Contact centers with passive voice biometrics start by asking their customers “How are you today?” instead of “Who are you, and are you who you say you are?”

Passive Voice Biometric Authentication is available today. Interested in learning more? Watch the short video on this page and contact us today!

On Voice Biometric Privacy and Informed Consent

On Voice Biometric Privacy and Informed Consent

It was recently announced that a biometric data privacy suit implicated the voice biometrics company, Pindrop. According to the plaintiffs, informed consent requirements were not followed when collecting, storing, and utilizing voiceprints to authenticate customers for Amazon Web Services, which the plaintiffs claim violates the Illinois Biometric Information Privacy Act (BIPA).

This scenario is exactly what LumenVox works hard to avoid. Since LumenVox is headquartered in California (where the biggest giants of customer data work, such as Facebook and Google) and operates internationally, we understand that customers demand privacy. There are now stringent laws in place, such as the California Consumer Privacy Act and GDPR, to make sure that just as a company’s technology evolves, so must the strategy to correctly collect, handle and store sensitive consumer data.

When it comes to any biometrics modality, informed consent is key. LumenVox advises our customers and partners to include a very clear information flow to gain informed consent for both active and passive voice biometrics. As a voice biometrics provider, education, training, and guidance are three things we pride ourselves on as we work closely with our clients on voice biometric deployments.

Biometric solutions have been around for decades now, but understandably consumers and businesses still have their reservations. What’s particularly comforting about voice biometrics is the way voiceprints are stored – with Personal Identifiable Information (PII) decoupled from the voiceprint. This means a consumer’s voiceprint is matched to a string of 0-s and 1-s, numbers that would mean nothing to a malicious actor.

This news inevitably raises questions: Is voice biometrics safe? Yes. Can it be used to protect customer data? Yes. Is informed consent key when utilizing it? Absolutely. At LumenVox, we strive to put customers first, every step of the way.

Click here to learn more about our products and solutions.

The Reality of Synthetic Voice Attacks

The Reality of Synthetic Voice Attacks

Voice biometrics provides a robust layer of security for contact centers, using the physical and behavioral characteristics of a voice to verify claimed identities. But just as businesses are adopting new voice biometric technology, fraudsters continue to advance and adapt techniques to take over customer accounts.

There has been concern expressed that voice biometrics is vulnerable to a certain level of sophisticated fraud. This concern rises with the evolving technology surrounding synthetic voices. A synthetic voice is a collaboration between a human being and a machine to produce an artificial version of human speech.

The truth remains: Fraudsters can indeed try to elude biometrics authentication using synthetic voices. And yet this truth doesn’t scare us, and here’s why:

  1. Synthetic speech leaves evidence, a trail. It generates specific artifacts which makes this type of speech detectable.
  2. Even in the best of cases, the synthetic voice doesn’t sound entirely human. With passive authentication, there is always an agent who acts as a spoofing detector. It’s very easy for humans to correctly distinguish synthetic speech from real human speech. As humans, we know when something sounds off.
  3. The reality is fraudsters follow the path of least resistance; they want to work the fewest number of hours for the biggest amount of payoff. The creation of a synthetic voice requires a very high level of effort. The best deep fake or synthetic voice technology currently needs a substantial amount of audio data to train the voice. Getting this in normal circumstances is difficult, and yet not impossible. While there are tools that exist which generate synthetic speech, they require a certain level of skill/ expertise to utilize. These combined factors act as a natural deterrent.

Having made those points there is another truth which remains: All the detection, human intervention, and natural deterrents in the world do not necessarily equate to peace of mind. At LumenVox, we encourage the use of voice biometrics alongside traditional authentication methods, including PINs, passwords, security questions, so that customers are protected with multiple layers of security.

To learn more about the LumenVox Security Suite, visit our products page here.

How to Alleviate Stress for Remote Workers with Automated Password Reset

How to Alleviate Stress for Remote Workers with Automated Password Reset

Did you know that during normal conditions, approximately 30% of Help Desk calls are for routine password resets? With the majority of employees currently working from home, that percentage is set to increase exponentially.   

Businesses often find themselves stuck with a password reset process that is costly, time-intensive, insecure, and anything but userfriendly. It’s a pain point that is often overlooked. LumenVox Password Reset provides a fully self-service automated password reset function which requires little effort from the user with only seconds to complete: To reset a password, your employee/user is prompted to speak a short passphrase, and through voice biometrics the user’s claimed identity is validated and the password is reset. The solution is highly secure, utilizing multifactor authentication modalities, including:  

Biometrics: This uses something you are – for our solution, it’s your voice. 

Knowledge-Based Authentication: This is something you know, such as the name of your first pet, etc. 

Push Notification: This is something you have (mobile device, email…).  

Computer Certificate: This is something you have and know. 

LumenVox Password Reset enables a seamless authentication process that radically improves security and convenience for your remote workforce by reducing labor costs through the automation of Password Resets; providing access to additional custom identity validation methods - works with directory systems and applications such as Active Directory, LDAP, SAP, Oracle and more; and providing your users with multiple options: Phone, Mobile App, Windows Pre-Login Web Portal. 

The solution providing employees 24/7/365 accessibility to unlock their accounts, so they can self-heal, even when the Help Desk is closed. It also simplifies integration with directory platforms, IVRs and Help Desk applications and safeguards user information.  

Watch the latest LumenVox webinar on-demand now to learn more about how an automated password reset solution can alleviate stress for remote workers

How to Increase IVR Containment

How to Increase IVR Containment

The number of customers calling organizations to request a promise to pay is increasing significantly with these uncertain financial times. The result is a tsunami of phone calls that contact centers can’t handle. This leads to further customer frustration and stress during an already difficult period. It also drives up costs in the contact center with no associated increase in revenue, making it a losing proposition for all involved.

Imagine this scenario: A customer recently lost his job and can’t afford his utility bill. He’s already called the contact center once to defer the payment due date. Admitting to a contact center agent that he can’t afford to pay on time is already frustrating and embarrassing. The problem now is that he knows he can’t pay the full amount, so he calls again to request a payment arrangement.

Every time he calls, he’s asked the same series of questions: account number, street address, last four digits of his social. When he finally reaches the IVR menu, a set of submenus is presented. Then there’s a transfer to the contact center itself, with long wait times. Finally, the customer reaches an agent who can set up a payment plan. It’s laborious, time-consuming and ultimately leaves the customer more stressed than when he started.

The solution to this painful process is increased self-service in the IVR and secure, effortless authentication.

With a few tweaks to the existing IVR, this customer can hear a personalized greeting based on his ANI (caller ID). The IVR can also immediately identify a past due bill and ask him if he is calling to request a promise to pay (or set up a payment plan). If the answer is ‘yes’, the caller is authenticated with a simple passphrase, such as “My voice is my password.” The promise to pay or a payment plan is then completed and the call ends. The customer has a streamlined experience without requiring interaction with an agent. Additionally, IVR containment is achieved; a contact center agent handles one less call – saving money and improving wait times.

LumenVox enables organizations to exceed expectations, even during these stressful times, with state-of-the-art speech recognition and voice biometrics. The use of these technologies can provide material cost savings with a demonstrated return on investment. They can also help customers accomplish their goals quickly using the IVR, one of the least expensive channels available.

Contact LumenVox today to see how speech recognition and voice biometrics can work for you to help increase IVR containment.

LumenVox wins 3 prestigious Speech Technology Magazine’s People’s Choice Awards

LumenVox wins 3 prestigious Speech Technology Magazine’s People’s Choice Awards

LumenVox, a global leader in speech and authentication solutions, was named a top vendor of Biometrics, Speech Recognition and Text-to-Speech in Speech Technology Magazine’s 2nd Annual People’s Choice Awards. Being recognized as users’ top three favorite vendors reflects LumenVox’ reputation as a pioneer in the market and their commitment to providing innovative, natural and intelligent customer experiences.

Speech Technology Magazine’s People’s Choice Awards showcases voice-based technology companies that their readers feel demonstrate excellence, innovation and industry influence with the best technology, products and services. LumenVox won the awards in major categories that speak to the current direction of the market. Voice biometrics provides significant improvement in the security of remote channels, just as Speech Recognition and Text to Speech greatly enhance self-service capabilities.

“It’s an honor to once again be acknowledged by the people who use our technology. Since last year’s awards, LumenVox has continued to deploy and support superior speech and authentication solutions worldwide, including active/passive voice biometric authentication, automated password reset and fraud detection,” said Edward Miller, CEO of Lumenvox. “These awards further demonstrate our role as leaders in the voice industry and drive our resolution to continually improve the customer experience.”

“This year marks the 25th anniversary of Speech Technology magazine’s founding, and the industry is showing no signs of slowing down when it comes to technological innovation,” said Leonard Klie, Speech Technology magazine’s editor. “From consumer electronics to business technology vendors, this year’s winners of the People’s Choice Awards demonstrate the industry’s best and show just how diverse, useful, and popular voice technology has become today.“

The Speech Technology Magazine’s People’s Choice Awards recognizes key industry influencers working within the speech technology market. For the full list of winners, go here.

View the official press release here. Questions about our solutions? Contact us.