Cyber-attacks and fraud are the daily life of many companies and customer data can be left unprotected and within the reach of anyone, which is a severe danger especially for sectors such as banking due to the sensitivity of the data they handle. We also find ourselves in a new context, accelerated by the COVID-19 pandemic, in which online banking and telephone customer service are the order of the day.
Faced with this new reality, the customer service agents of financial institutions are receiving more and more calls for their usual transactions instead of choosing the face-to-face method. However, these calls involve the management of sensitive customer data each time they are made by this means, and it is mandatory to ensure this personal data is handled in an ethical and responsible manner and to minimize the chances of committing fraud in the identification of the customer.
For this reason, Voice Biometric Identification technologies, such as Recordia, have emerged to help solve this widespread problem in the banking sector.
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Let’s get to the point, what is Voice Biometric Identification and how does it help this sector?
What is Voice Biometric Identification?
Biometric Identification is, quite simply, the process of verifying a person’s identity by using their unique characteristics, and then allowing them to securely access a service, application or device.
To understand it better, biometrics is the general name used to refer to any biological or physical characteristic susceptible to be measured so that they can be used to identify people, such as facial pattern, fingerprint, voiceprint or iris pattern, among others. In this way, Biometric Identification verifies the identity of individuals according to the chosen biometric characteristic. In the case of voice biometric identification, you will be able to accurately identify your customers in a matter of seconds by recognizing the specific voiceprint of each of them.
How does Voice Biometric Identification help the banking sector?
Compliance with international regulations
International data protection regulations, and specifically the GDPR, state that individuals must voluntarily give specific, informed, and unambiguous consent to companies to process their data. This means that financial institutions must have and retain this consent in order to comply with regulatory standards.
Thanks to more advanced voice biometric identification technologies, such as Recordia, once the customer is identified, agents during the call will also be able to see on screen the status of the consent of each customer for those regulations which it is necessary to obtain it. This ensures full compliance with data protection regulations that apply to financial institutions such as GDPR, MiFID II, PCI DSS or the DODD-FRANK ACT, among others.
Maintaining process security and preventing fraud
Today, accelerated by the pandemic produced by COVID-19, the use of digital banking and the services associated with our finances is becoming more and more generalized. Although the banking sector has benefited from this fact by lowering costs and facilitating management processes, it is suffering significant losses due to fraud related to them. The most common case is identity theft, making it necessary to develop and implement more demanding and complex solutions that detect attacks and ensure the integrity of user data, without interfering with the user experience.
In this way, Biometric Identification technology helps to enhance the security of banking procedures in order to protect customers. More advanced voice biometric identification technologies, such as Recordia Biometric Identification, not only work at the beginning of the call, but also throughout the call, ensuring that the voice matches the correct person every second. In the event of a mismatch, agents will automatically see a non-match warning on their screen, allowing them to quickly detect and report fraud even if security questions are answered correctly.
If you want to learn more about our Biometric Identification solution and how it helps with regulatory compliance and fraud prevention, click here.
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