Voice biometrics confers benefits beyond fraud detection and the mitigation of risks. However, in relation to mitigating fraud, voice biometrics offers a valuable resource in that:
a) its presence deters fraudsters;
b) its use makes the fraudster’s task very much harder; and
c) the results of using it mean the business will lose less to fraud.
Consequently, it must be obvious that voice biometrics can be very effective in helping to manage fraud risk.
The vulnerability of PINs, passwords and security questions has led to some very public data breaches at well-known organisations, putting customers at risk. Voice biometrics can reduce the security risk and mitigate fraud, whilst offering a more convenient user experience. However, the best practice is to implement voice biometrics in combination with other methods, leading to a strong, multi-factor authentication solution that will reduce the vulnerability of systems and services to unauthorised access.