Kennebunk Savings Bank has partnered with Nuance Communications to leverage its voice biometrics to streamline customer authentication and lower fraud.
The Maine-chartered community bank will now be able to lower, and potentially remove, the need for security questions when a customer phones in regard to their accounts. Instead, customers will be able to identify themselves by having a conversation with a bank representative, and the Nuance technology will compare the voice with the voiceprint attached to their account.
Once the examination has been completed, the representative will be advised if it is a match and whether they should grant access or not.
Nuance has enrolled around 400 million voiceprints, the company claims, and helped support five billion transactions. The company offers a suite of security tools powered by AI, and range from helping verify caller voiceprints to monitoring conversation patterns and analysing geographical locations.
Its services are used across the financial services, automotive, telecommunications, healthcare, government and insurance industries, among others.
Nuance Enterprise general manager Brett Beranek said, “Fraud today is not only a problem for multi-national financial institutions. As these organizations have deployed voice biometrics to secure their customers, fraudsters are shifting their attacks to community banks and credit unions.
“As a result, all financial institutions are facing increasing fraud pressures no matter their size. We’re glad to see Kennebunk Savings deliver the greatest level of biometric security within their Customer Care Center. As a result, they are staying one step ahead of fraudsters while delivering an improved experience for their customers.”
Earlier in the year, global information services provider Neustar acquired TrustID for an undisclosed amount. TrustID is a caller authentication and fraud prevention software developer which will provide Neustar with caller authentication services.
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