Voice biometrics are being used by few banks so that it can be determined that who is the caller and from where the call is coming. This is because of the rolling of call-in-center fraud. Scammers used to hold the accounts of the internet users but now the security level has been changed and improved by the financial institutions due to which now the fraudsters have to think about shifting the gears.
The CEO of Pindrop Security, the fraud detection company, Vijay Balasubramaniyan told that last year, the call-in-enter fraud cases caused the loss of $10 billion.
One of the reasons why the criminals moved to the call-in-center frauds is the new technology of credit cards because it is not simple to copy the chip-enabled cards.
How do these scams occur? A call-in-center will be contacted by the criminals who claim to be anybody else. Sometimes, the emotions of the CSRs are appealed to get them to break protocol. The claim from them would be that their card has been lost during their travel and they require access to their money immediately.
The service representatives in such case may be very lenient and want to help the customers so that the issue can be resolved quickly and by that a security measure might be bypassed.
A criminal can easily takeoff a phone number so that it can be matched with the one which is on the account of the customer no matter in which country the caller is.
Erica Thomson who is a sales specialist said that one company may get more than 20 calls per day from the fraudsters who would pretend to be a new person on every call.
The Anti-Fraud Technology
The technology being used by some of the banks in order to fight back against is the voice biometrics. As you give your fingerprints, your voice is used to get your credit card secured which is the novel feature in the biometric system. The conversations of the call-in-center can be recorded by the NICE systems, callers are verified and then voice is converted into the voiceprint so that a comparison is made for the next time a call is received from the same person. This would protect the people from those who call the customer service representatives by pretending to be them.
At least 120 varying features of the voice of a caller are registered by NICE. They include the thickness and length of the vocal cords, sinus shape, pitch, tone, pace and more.
Still every call is not being screened by the banks which are using the voice biometric system as they may be focusing on the calls which are expected more to be prone to the criminal activities or may be this would be for specific customers.