Customer fraud protection products for banks and credit unions

For the financial services sector, it is perhaps the ultimate and not-so-amusing irony that the drive towards faster payments has seemingly moved at a snail’s pace. There is good news, though, as the Federal Reserve’s Faster Payments Task Force has finally finished its work and issued recommendations after some 120,000 labor hours. Meanwhile, the technology to support and deliver faster payments is reaching critical mass, moving us close to the reality of real-time payments.

Yet is it enough to hope that old systems can somehow keep up? Such a non-starting strategy will leave financial institutions exactly where they were before the payments revolution began—sacrificing faster payments to remain in the past of payments.  

If you’ve read the earlier articles in this series on voiceprints, you now have a good understanding about what voiceprints are, how they are created and how secure they are – even if they were to wind their way into the hands of a fraudster. This is all excellent information to know, but to help further put your mind at ease, it’s important to understand the underlying technology ACH Alert uses to create and store voiceprints for its customers.

For its voice biometric processing needs, ACH Alert uses a U.S.-based company who has been in the voice biometric software business for more than 10 years – Voice Biometrics Group (VBG).  There are several features about how VBG does business that are critical to protecting ACH Alert customers:

With the increasing frequency of data breaches and identity theft hitting the headlines, people have become concerned about their personal data being stolen and misused.  And rightly so, as it can often take months and cost thousands of dollars to remediate cases of identity theft. 

This concern is even greater when considering biometric data.  If your user ID and password are stolen, along with credit card data and other personal information, these are painful to have fully replaced or updated.  But it can be done, and you can recover.  However, what happens with biometric data?  If someone steals your fingerprint, or facial scan, or voiceprint – what happens then?