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.