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.