New study from Opus Research and ValidSoft suggests that voice biometrics will be central to future payments authentication if obstacles to adoption can be overcome
London and San Francisco, 18 January 2012 – ValidSoft, www.validsoft.com, a global supplier of fraud prevention, authentication and transaction verification solutions and part of the Elephant Talk Group, has partnered with leading research house Opus Research to produce a report titled, Voice Biometrics Authentication Best Practices: Overcoming Obstacles to Adoption. The study, led by Dan Miller, senior analyst at Opus Research, evaluates previous voice biometric projects as well as the current industry landscape in order to identify a number of best practices to rolling out the technology and taking the industry forward. ValidSoft is a wholly-owned subsidiary of Elephant Talk Communications, Corp. (NYSE Amex ETAK) (www.elephanttalk.com), an international provider of business software to the telecommunications and the financial services industry.
The increasing use of, and security risks associated with, smartphones for payments and banking, along with heightened incidences of data theft and increasing awareness of fraud, highlight the need for banks, businesses and governments to take another look at methods of authenticating end users. It is no longer sufficient to merely secure hardware end points. Organizations want assurances that the individual at that end point is the person he or she claims to be.
Voice biometrics has the potential to play an important role in doing this. The general public is becoming more familiar with using their voice for mobile search, device control and dictation and today’s study shows how, with the proper approach, voice authentication with soon follow. Voice biometrics can act as a part of a multi-layer authentication process to help reduce fraud and to confirm that the endpoint user is genuine. Opus Research predicts that the global number of registered voiceprints will increase from 10 million today to over 25 million in 2015.
Opus’ Dan Miller said: “Voice biometrics strikes the right balance of strong authentication and usability. It is a powerful tool for preventing fraud and promoting empowerment through self-service, and will in the long run help financial institutions save money from fraudulent transactions and reduced administration costs. The security industry should adopt best practices when introducing voice biometrics to their customers.
According to Miller these are:
- Ensure security is balanced with customer usability
- Engage stakeholders early in the process and leverage existing resources
- Gain their trust by proving that the technology works; be ready to adapt
- Look ahead and bear in mind future upgrades and new technology
“In a social, mobile environment, user authentication has become more important than ever in order to protect unauthorized access to corporate resources and to prevent fraudulent transactions,” said Miller.
Pat Carroll, CEO of ValidSoft, added: “A multi-factor/four-factor approach to user authentication and transaction verification provides robust security without compromising customer experience, and voice biometrics can play an important role in this. This not only applies to Financial Services and Government sectors, but is also relevant to the social media industry and the latest challenges it faces with users’ stolen identities. The four aspects of a person’s identity that need to be checked are: something you are, namely your voiceprint; something you have which is your mobile phone; something you know, this will be your PIN or password; and somewhere you are (or not), which can be established using privacy-protected signaling services associated with the global mobile networks.”
For a full copy of the report, visit: http://opusresearch.net/wordpress/2012/01/17/research-report-voice-biometric-authentication-best-practices-overcoming-obstacles-to-adoption/
ValidSoft is a subsidiary of Elephant Talk Communications Corp. (NYSE Amex: ETAK), (www.elephanttalk.com) and is a market leader in providing solutions to counter electronic fraud relating to card, the internet, and telephone channels. ValidSoft's solutions are at the cutting edge of the market and are used to verify the authenticity of both parties to a transaction (Mutual Authentication), and the integrity of the transaction itself (Transaction Verification) for the mass market, in a highly cost effective and secure manner, yet easy to use and intuitive. For more information, please visit (www.validsoft.com).
About Elephant Talk Communications
Elephant Talk Communications Corp. (NYSE Amex: ETAK) is an international provider of business software and services to the telecommunications and financial services industry. The company enables both mobile carriers and virtual operators to offer a full suite of products, delivery platforms, support services, superior industry expertise and high quality customer service without substantial upfront investments from clients. Elephant Talk provides global telecommunication companies, mobile network operators, banks, supermarkets, consumer product companies, media firms, and other businesses a full suite of products and services that enables them to fully provide telecom services as part of their business offerings. The company offers various dynamic products that include remote health care, credit card fraud prevention, mobile internet ID security, multi-country discounted phone services, loyalty management services, and a whole range of other emerging customized mobile services. For more information, visit (www.elephanttalk.com).
About Opus Research
Founded in 1985, Opus Research is a market research and consulting firm specializing in “Conversational Commerce,” which combines speech processing, multichannel customer care, mobility and e-commerce. Its clients include communications carriers, enterprise software and information infrastructure providers, contact center specialists, hosted service providers, and mobile solutions providers. Opus prepared its first study of Voice Biometrics Global Market potential in 2003 and has convened global conferences dedicated to Voice Biometrics since 2007.
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