With so many carrying out banking transactions via cell phone it seems like a logical step to combine voice biometrics with mobile banking. Voice Commerce Group has developed a system which enables the adoption of biometrics based voice signatures by financial institutions.
The system that they have developed is called Voice Transact. Voice Commerce has teamed up with Nuance a leading provider of speech recognition solutions to enable the biometric element of Voice Transact. The main advantage of this system, known as Voice Transact, is to eliminate fraud resulting from the exchange of information via a cell phone.
Voice Transact may also be used to facilitate person to person payments as well as to allow customers to authorize increased credit lines.
One con to voice signatures is the possibility of a bad cell phone connection disallowing authentication. Also many customers have grown used to the concept of a PIN and card and may not necessarily want that taken away. In that event this system could be used as a backup to the PIN.
Many feel that in general voice biometrics systems should not be used to replace pins but rather has a backup in the even that the customer loses their card etc. I would tend to agree with t his viewpoint.
No comments:
Post a Comment