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Use Voice Biometrics To Protect Mobile Payments

Mobile payments now account for 14 percent of transactions among merchants who accept them. However, they also account for 21 percent of fraud cases.

Indeed, mobile fraud is a major challenge that companies need to overcome on their mobile applications. It’s just not easy to tell, though, whether a customer is in fact who he or she claims to be when making a transaction.

Fortunately, there is a readily-available solution that can help: Voice biometric identity verification.

Voice biometric authentication allows an end user to verify his or her identity by simply speaking a short phrase into the microphone of a mobile device. It’s a painless process that only takes about five seconds. And it’s much more secure than any other type of authentication solution on the market, as a voiceprint cannot be easily compromised.

Voice biometric authentication is great for a customer, as it provides peace of mind for sensitive payment information. And it’s great for a merchant, as it can help reduce costly fraud instances.

Here at VoiceVault, we offer a mobile payments authentication solution that can be easily added onto your existing application or platform. Your company can use our code to enhance its existing solution, without having to undergo a major software overhaul.

One company that recently integrated our technology is BioConnect, which offers a universal Identity Platform. BioConnect users can now log into their accounts with their own voice. They simply have to respond to a short visual or audio prompt.

“Ease of use, security and fraud reduction are major drivers as to why we’re seeing changes to identity verification within every day, run of the mill banking applications,” stated Bianca Lopes, Vice President of Strategic Marketing and Global Alliances for BioConnect. “VoiceVault has a brilliant track record and a sound voice recognition technology that will provide enterprise clients with ease of use, scalability and ultimately, greater choice by being a part of the BioConnect Identity Platform.”

Are you at Money 20/20 in Las Vegas? If so, make sure to stop by and check out BioConnect’s use case demonstration, which will take place during the Demos & Announcements track (October 25 at 5:30).

VoiceVault will also be on hand at Money 20/20 at booth 1433.

VoiceVault Money2020

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Introducing the Redesigned VoiceVault Website

We’ve been working hard on the VoiceVault website lately, and are excited to announce that our redesign is now complete. Our goal was to better showcase our existing products as well as a few new offerings we’ve been keeping under wraps. Bigger and better, it’s packed with valuable information and resources for developers and business leaders.

Some of the sections to look for on our newly designed site include:

  • ViGo Wear for Wearables. Our voice biometric authentication solution can now be used to provide high-level security for wearable devices. On this page you’ll find out more about its unique capabilities; you can also request a demo.
  • Identity and Access Management—ViM. VoiceVault’s Identity Manager is our powerful password reset automation tool. It simplifies the process for customers and employees, removing a major pain point. Read more about it here and request a demo.
  • Sample code. In our support section you can still browse sample code (PHP and Ruby) for our ViGo and Fusion Enterprise products. Experimenting with the samples will give you a better understanding of how our offerings fit with yours, so you can jumpstart your project quickly and easily.
  • VoiceSign. The legally binding equivalent of a hand-written signature, VoiceSign securely and accurately provides voice biometric evidence to green-light a transaction. Watch our short video to find out how this solution can work for you.
  • Mobile ID verification. Our identity verification solution for the mobile market, ViGo, was designed for app developers and is 100 percent focused on mobile security. Watch our video and register for a free ViGo trial here.

We hope you’ll spend time exploring the new VoiceVault website to find out more about our complete product line, solution suite, and support features. Check our blog for any future updates, or, don’t hesitate to get in touch.

 

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VoiceVault’s Voice Authentication Technology to Help Streamline Poverty Relief in India

India is currently the world’s fastest-growing economy, according to the International Monetary Fund (IMF). It’s an epicenter of technology and business growth, and is a global leader in innovation. The country, however, has one major problem hindering its success: A great deal of its population is mired in poverty.

One recent report, for instance, indicates that an overwhelming 363 million Indians—or 29.5 percent of the population—are living below the poverty line.

With this alarming figure in mind, VoiceVault is pleased to announce that its voice authentication software will soon be playing an active role in helping to improve conditions in India. VoiceVault’s partner, voice biometric payment solution provider SayPay Technologies—which relies on VoiceVault for its voice authentication software—was recently selected by Indian micro-finance inclusion provider Varam Capital to provide voice authentication solutions to its impoverished clients. Varam Capital supplies savings, loans and other financial services to the deprived community.

As Varam CEO Joby C O explained following the announcement, the partnership with SayPay will be a tremendous boon to the company, allowing it to streamline financial services to the poor while reducing risk and mitigating fraud. Customer authentication, after all, occurs many times throughout the cycle of a loan; by using voice authentication technology, the process can become much safer. Moving forward, customers can simply submit a unique voiceprint one time during registration over a mobile device. This voiceprint will subsequently be analyzed for authenticity during all subsequent transactions.

“All of Varam’s clients can settle loans and make payments using the simplicity and security of SayPay’s voice solutions,” he said. “This reduces risk, improves accountability and eliminates financial disputes from ever occurring.”

The VoiceVault voice biometric engine, it should be noted, will be utilized when an end user is prompted to speak a numeric code. An end user is required to have the correct code, in addition to an accurate voice recording when prompted. It must be an exact match with his or her enrollment voiceprint in order to be granted entry into the application.

Want to learn more about how voice biometric identity verification can help reduce fraud? Click here.

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Have You Heard About VoiceVault’s New Identity Management Solution?

VoiceVault is fresh off of one of the most exciting events of the year, Money 20/20—the annual conference which brings together major players from all parts of the financial industry, as well as other high-profile industries like healthcare and insurance.

The event was a great success, as VoiceVault was able to connect with many businesses and professionals, and at the same time catch up on the latest news in finance.

As it turns out, VoiceVault generated some news of its own during the event, too.

On Tuesday, October 27, VoiceVault introduced the newest addition to its voice biometric identity verification portfolio: the VoiceVault Identity Manager (vIM). It’s a voice biometric identity management solution designed to streamline password and credential resets for corporate accounts.

By offering the vIM mobile application to customers, enterprises can drastically eliminate the multitude of pain points which arise when customers get locked out of their mobile accounts. When this happens, customers must often wait for long periods of time on hold, thus jamming service desk phone lines and also increasing operating costs. Using the automated identity management solution, password resets and account unlocks can now cost as little as $1 per user, per year.

What’s more, vIM is available for around-the-clock assistance, meaning that customers can use it when experiencing problems with their credentials late at night or on weekends. The solution is also Android and iOS-friendly, and connectors are available for Unix/Linux (SSH), Active Directory, LDAP, Web Servers/ Sites, Office 365 and SQL databases.

As VoiceVault Vice President of Sales and Marketing Julia Webb explained following the big release, this exciting new solution will ease overloaded help desks, while at the same time improving security for customers.

“Organizations are eager to utilize their help desk team for more pressing support issues and deliver secure convenience for their customers,” she said, adding that “customers alike are ready to simplify their online identity. VoiceVault’s voice biometric identity management mobile app, VoiceVault Identity Manager, is responding to this need.”

Read the Full Press Release

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Financial Industry Giant Votes ‘Yes’ to Voice e-Signatures

If one thing is apparent after talking with attendees at this year’s Money 20/20 conference, it’s that many organizations are struggling mightily with the customer identity verification process when signing legal disclaimers and authorizing purchases.

Why are so many businesses struggling to verify their customers’ identities? Simply put, a large percentage of businesses are still using paper-based authentication. This method of identity verification is slow, expensive to manage and process, and highly vulnerable to fraud.

For these reasons, many organizations are now abandoning their paper-based authentication processes in favor of a safer and more efficient technology: voice e-signatures. Instead of collecting signatures, they’re collecting unique voiceprints.

Just recently, for example, a leading organization in the financial industry, which manages billions of dollars in global assets, recently announced an exciting new partnership with Enacomm—a leading provider of intelligent customer interactions and partner of  voice biometric identity verification provider VoiceVault. This new partnership, announced during Money 20/20, will allow the company’s customers to verify their identities by simply speaking a phrase into a receiver.

The process is safer, as voiceprints cannot get lost, damaged or stolen as paper can, and they are also hack-proof.

What’s more, voice e-signatures are recognized as legally binding contracts under:

  • The American Bar Association’s test for a legally binding signature
  • S. E-Sign Act
  • The Health Insurance Portability and Accountability Act (HIPAA)
  • FDA21 CFR 11 regulations
  • EU Directive 1993/93/EC

As Enacomm CEO Michael Boukadakis explained following the announcement, the decision can help businesses across many different high-profile industries.

“Financial institutions, insurance companies, medical practices and other organizations often require a customer or patient signature acknowledging a legal disclaimer or even a sale,” he said. “Compared to the traditional process of mailing forms for customers to sign, then filing and managing them once returned, Voice e-Signatures are extremely efficient, enabling one-shot telephonic enrollments.”

So, are you ready to explore how voice biometrics can help your organization? Click here for more information about how VoiceVault can help.

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VoiceVault’s Developer Test Environment: A Flexible Way To Test ViGo

Integrating a new mobile identity verification solution across your enterprise is a big decision. It requires a great deal of planning and testing, as you want to make sure that the solution is the right fit for your enterprise before making an investment.

For this reason, VoiceVault makes it easy to test the waters and evaluate its ViGo voice recognition software. If you’re looking to test ViGo, you can sign up for a free 45-day, non-recurring self-registration period. During this time, you can register up to 200 users across your enterprise.

But what happens if you still need more time to evaluate the product after the free 45-day window ends? If you’re still not ready to commit to using ViGo, you can enter the next phase of the integration cycle which is the Developer Test Environment. Using the Developer Test Environment is not free, as it costs $750 to sign up. In doing so, however, you’ll gain access to a three month trial period as well as the ability to register up to 1,000 users.

The Developer Test Environment will also grant you access to the following features:

  • Limited custom configuration/ phrases: Enjoy a preview of some of the customizable features that you will receive when using the full ViGo product.
  • No maintenance downtime: Unlike the initial 45-day window, you can avoid scheduled maintenance periods and ensure a greater amount of uptime.
  • High availability API: VoiceVault’s high-available API protects your application in the event of system failure.
  • High-throughput bandwidth: Minimize network latency, ensuring lightning-fast application response times.
  • Guaranteed data retention: Gain detailed records of your usage data for compliance purposes.

The great part about the Developer Test Environment is that it’s recurring, which means you can use it until you’re ready to migrate to a larger package, which is billed on a per-user basis and does not come with a maximum number of registered users.

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Concerned About Customer Phone Fraud? A Voice Biometric E-Signature Can Help

Over the summer former Microsoft CEO Steve Ballmer made headlines when it was purported by his lawyer that Ballmer’s digital signature was forged to authorize a transaction for over $5 million from a financial consulting firm hired during the initial planning stages of his bid to purchase an NBA team. Now, Ballmer is fighting to clear his name from the transaction and prove that his signature was used without his consent.

The case is a clear-cut example of the risks faced by companies that rely solely on easy-to-imitate digital or ink-based signatures to verify transactions. In this case, if the financial consulting firm had taken multiple approaches to security and used a voice biometric e-signature as well as a digital one, Ballmer’s sign-off could be double-checked for authenticity with a voice recording.

As VoiceVault, a leading global provider of voice biometric identity verification solutions, explains in a video on voice e-signatures, voice biometrics can be used to capture a legally binding agreement with a customer. The technology is recognized as establishing lawful accountability under the U.S. E-Sign Act, HIPPA/ CMS and the FDA 21 CFR/ 11, which are guidelines for collecting and storing electronic records and e-signatures. Voice biometrics can be used, therefore, in a variety of industries in which customer identity must be verified for authorization purposes.

The great part about a voice biometric e-signature is that it’s quick, easy to set up and highly accurate. To create one, a customer simply has to go through a 15-second enrollment process on the phone with a sales agent, or through an automated process. Once the customer’s voice identity is established, it can be used to sign off on documents and verify future transactions.

The benefits extend beyond basic identity verification, too. Voice biometrics offers increased closure rates and reduced agent follow-up time, and requires no specialized hardware or infrastructure upgrade on the part of a company.

Are you interested in learning more about how a voice biometric e-signature can help your company reduce costs and mitigate the likelihood of customer identity impersonations? Click here.

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Interview: Voice Biometrics as Alternative to Passwords

In this new interview during Money 20/20 2014 with Mobile ID World, Julia Webb, VoiceVault’s Vice President of Sales and Marketing, discusses how voice biometrics is utilized as an alternative to cumbersome passwords for identiy verification within mobile apps. VoiceVault’s ViGo provides the same level of security as fingerprint technology without the use of any specialized hardware; all a device needs is a microphone.

 

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VoiceVault’s New Partnership With Enacomm Will Help Make Customer Authentication a Breeze

Financial institutions across the U.S. are struggling to overcome the challenges of fraud, identity theft and security breaches. No longer can they rely on outdated security methods of the past like passwords and PINs. It’s time to recognize that protecting customers in the financial industry today will require the widespread adoption of cutting-edge next-generation technology. That technology is voice biometric identity verification software.

A new partnership between VoiceVault, a leading provider of mobile voice biometric solutions for the financial industry, and Enacomm, a global producer of intelligent customer interactions technology, is now making it easier than ever for businesses to adopt this kind of forward-thinking solution. Moving forward, the Enacomm authentication application will use VoiceVault’s special voice biometric engine to help facilitate the verification of customer identities over the phone.

Besides providing financial institutions with the technology to ensure fast, secure transactions, this partnership will also eliminate the need for customers to remember any security credentials during the authentication process. Customers will no longer have to write down passwords they might otherwise forget, eliminating the risk that they might be lost or stolen.

One early adopter of the new partnership between VoiceVault and Enacomm is a leading prepaid card provider. The prepaid card provider is currently in the process of implementing the new voice biometric application into the framework of its caller verification solution. Customers will be able to confirm their identity by phone–with greater accuracy than a fingerprint.

Want to take a demo of the new Enacomm Voice Authentication platform? Here’s how to get started: First, call the Enacomm demo line at 855-277-3060. Follow the prompts, using any four numbers to establish your personal PIN number. Then, call back and authenticate yourself to see the security solution in action.

VoiceVault Named Star Performer by Speech Technology Magazine

Recently, Speech Technology Magazine released its list of companies who are key influencers in the speech industry. And VoiceVault, a leading provider of voice biometric identity verification, was named as a Star Performer.

VoiceVault was bestowed the Star Performer award for its ability to improve company performance as well as the end user experience. In receiving the award, it joins an exclusive list of recipients including Apple, Microsoft, Amazon and Google, as well as 10 other companies who are working to make speech a mainstream technology.

One of the biggest reasons VoiceVault was named as a Star Performer is the success of its recently-released ViGo platform, the first biometric platform developed for use with a mobile application.

As the number of mobile threats increases across the Web, and sales for mobile devices increase, the voice recognition market is thriving. In fact, it will reach an estimated $113.2 billion by 2017. And VoiceVault is leading the pack of innovators in this field.

“Organizations want to use voice biometrics in their mobile apps to deliver secure convenience, and they want to be able to integrate it in the simplest and quickest way possible,” explained VoiceVault VP of Sales and Marketing Julia Webb. “ViGo is responding to this need by providing a standardized out-of-the box solution that cuts time to market and [fulfills] organizational resource needs with a complete voice biometrics package.”

The 2014 Speech Industry Awards will be presented as part of the opening reception for the SpeechTEK conference, August 18 in New York City. In addition to receiving the award, VoiceVault will be presenting a general session during the three-day event as well. On Tuesday, August 19, VoiceVault’s Julia Webb will deliver a presentation titled “Voice Biometrics: 3 Production-Mobile App Deployments,” which will showcase the stories of three new voice biometric applications being used in the healthcare and financial industries. The presentation will talk about their journey from qualification, through launch and into the global market.

 

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