Interest in mobile banking may be strong among consumers today, but user adoption continues to lag behind. According to one study, a third of consumers in the U.S. and U.K. claim they avoid mobile banking applications. About one third say will never use them. And almost three quarters of people in who agree blame security.
In light of this, many banks are reassessing their mobile security strategies as they attempt to make them more attractive for customers. We are seeing an increasing number of banks offering multifactor security options that integrate traditional password and answer-based authentication technologies with cutting-edge biometrics like voice, fingerprint and iris scanners.
Just recently, for instance, Australia’s ANZ bank announced it will begin offering customers voice biometric security to protect high-value mobile transactions of $1,000 or more. Previously, customers had to make these transactions in person.
“A person’s voice has five to ten times as many security points than other methods such as fingerprints so we know this will improve security and be welcomed by our customers,” stated ANZ Managing Director Customer Experience and Digital Channels Peter Dalton.
Dalton is referring to the fact that voice biometric engines can register points like the average pitch, speed and tone of a user’s voice. All of them must match in order to approve authentication, which makes it one of the most complex secure options out of all the biometric solutions on the market.
For years, VoiceVault’s mobile voice biometrics solution, ViGo, has been protecting high value mobile transfers for a major global bank as well as in many other financial institutions. VoiceVault has protected billions of dollars in transfers.
To learn more about how VoiceVault can protect your organization, click here.