In 2018, there is one problem that executives across the U.S. should be thinking about: Consumer fraud.

With 2016 being the year that saw an all time high in identity fraud, when about 15.4 million consumers fell victim to identity theft or fraud — an increase of 16 percent from 2015, experts predicted an “all-out assault” on consumers in 2017. While the final stats aren’t in yet, we are almost certain to see a significant year-over-year spike in consumer fraud cases for this past year.

A big reason why fraud is getting worse is that more and more consumer information is now winding up online, in Deep Web marketplaces where it can be easily bought at an affordable price. The recent Equifax data breach, for instance, exposed the personal records of hundreds of millions of Americans. Now, hackers are chomping at the bit to use this information for their own financial gain.

So, what is your business doing to protect against consumer fraud?  It may be time to take a closer look at your fraud prevention strategy.

One of the easiest and most effective ways to eliminate fraud is to authenticate customers with voice biometric identity verification — along with passwords and other types of biometric technologies — when logging in and completing orders. This is called a multimodal security strategy. By asking customers to authenticate themselves using multiple unique identifiers, you can make it much harder for fraudsters to spoof the system and gain unauthorized access to information.

VoiceVault makes it easy to implement voice biometrics into any device or mobile application. To learn more about how VoiceVault can protect your organization from fraud, click here.

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