Voice authentication for fraud prevention in contact center environments

Voice authentication is rapidly becoming the preferred method of verification in contact centers to balance member experience and fraud prevention. According to research from Aite Novarica, over 60% of fraud losses from account takeovers involve the call center (as fraudsters often talk to an agent when attempting to change passwords or contact information). It’s not surprising that banks and credit unions are turning to more advanced authentication methods to help secure accounts. In fact, financial institutions are at the forefront of adoption for voice biometrics as they seek stronger protection methods.

Voice authentication is replacing knowledge based authentication (KBA)

Identity verification methods fall into one of three categories:

What You Know
(Things others shouldn’t know or be able to guess)

  • Out of wallet questions
  • Recent transactions
  • Personal pins
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