Voice Biometrics: The Natural Choice for User Authentication in Mobile Payments
Posted: Tuesday,March 17,2015
Losses due to fraud, specifically mobile, are staggering. As we’ve previously written in this blog, for a large company with approximate revenues of $2.5 billion, the average loss due to mobile fraud is $92.3 million, or roughly 3 percent of revenues. Some companies reported that they have lost as much as 25 percent of revenues due to mobile fraud. These findings were part of a study conducted by TeleSign and RSA last month.
AGNITIO believes that authentication should be invisible and non-intrusive for the end-user – while at the same time provide the highest level of accuracy. Voice biometrics technology is a natural choice for strong authentication due to four factors:
Security and accuracy. Thanks to technical improvements in microphones and processing power in both mobile devices and servers, voice biometrics offer more reliable, accurate authentication. Spoofing and hacking protection can also be implemented to combat replay attacks and unauthorized access.
Convenience. An end-user simply needs to enroll by speaking a one or two-second text-dependent (fixed) passphrase, or with two to three-second, text-independent free speech that will validate a user’s identity. In the latter case, the authentication is completely passive to the speaker – providing the highest level of convenience.
Cost. Voice biometrics does not require any hardware investment by the end-user, as most mobile phones, tablets, PCs, and other devices already contain a microphone.
Privacy. Though voice biometrics can be server-based or device-based, users can maintain even more control over their own biometric credentials when running the application locally on an embedded device, thereby adding an additional layer of privacy.
The analyst community has been very active about communicating the need for strong authentication without compromising consumer privacy or convenience. They predict that authentication technologies like biometrics will largely replace the user name and password as the primary method of authentication. According to research firm IDC, 15 percent of mobile devices will be accessed with biometrics in 2015, and the number will grow to 50% by 2020.
For more information about the possibilities of voice biometrics, please download our whitepaper, available through PYMNTS.com.
AGNITIO will be attending and exhibiting at The Innovation Project 2015, produced by PYMNTS.com, March 18-19, 2015 at Harvard University in Cambridge, Mass.
We will also be attending and speaking at Mobile Money & Digital Payments Americas, taking place March 23-25, 2015 in Mexico City.
AGNITIO will be attending and exhibiting at PayExpo 2015, taking place June 9-10, 2015 in London.
Please contact us if you are interested in meeting us at these events.
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