Fraud and identity theft remain two of the biggest problems facing consumers today. Last year, for instance, both cost consumers over $16 billion. Altogether, about 15.4 million consumers were impacted — an increase of 16 percent from 2015.
In an effort to reduce both identity theft and fraud, some companies are now experimenting with preventative “blacklists.” These lists are designed to automatically flag and block suspicious customer names, email addresses, accounts and mailing addresses.
It may seem like a natural fit to use voice biometric identity verification as part of a blacklisting strategy. Unfortunately, though, it’s not that simple. And here at VoiceVault, we do not support the practice of blacklisting.
The main reason why blacklists are not advisable is that fraudsters have already found a way to bypass them. Fraudsters are now calling random consumers, tricking them into making a statement and recording their voices. These stolen voice samples can be used to create fraudulent transactions. Then, when innocent victims go to make normal transactions, they are in many cases being denied because their voice is blacklisted.
So as you can see, blacklists can actually do more harm than good for customers. Instead of creating a blacklisted database, the safer and far more effective alternative is to ask customers to use voice biometric identity verification when signing up for services. VoiceVault, for instance, is specifically engineered to identify and block voice recordings. So if a fraudster attempts to use a spoofed voiceprint during a transaction, it will be picked up immediately and the caller will be denied access.
Voice biometric identity verification, it should be noted, can also be used alongside additional identity verification technologies like facial or fingerprint scanners, passwords and security questions for enhanced security.
To learn more about voice biometrics, click here.