Reduce Fraud and Improve Member Service with Voice Biometrics
February 16, 2021
As digital innovations in financial services continue to soar, data security remains a top priority for credit unions. This is especially true when it comes to their contact center operations, where sensitive information is shared between agents and members.
Authenticating members can be a tedious process with several time-consuming steps, such as providing PINs, passwords, and/or answers to security questions. That’s why credit unions are implementing solutions that offer both top-tier security and exceptional member service.
A great example of this technology is LumenVox’s Passive Voice Biometrics Engine, which uses state-of-the-art text and language algorithms to authenticate members who call into a contact center. Whether callers use interactive voice response or go directly to an agent, they no longer need to provide important and sensitive pieces of information, such as their Social Security number, date of birth, or mother’s maiden name. LumenVox’s engine passively listens to the conversation and uses biometrics to authenticate the caller.
Here’s how the technology works:
- A member calls into their credit union’s contact center.
- During the call, the member’s speech is analyzed and a voiceprint is created.
- In the background, the newly created voiceprint is compared with the voiceprint on file. (If there isn’t a voiceprint on file, then a message is sent to have the agent authenticate the caller manually. Once the caller authenticates manually, the voiceprint is placed on file to be used for future calls.)
- If the voiceprint matches, then the caller is authenticated and a “green light” message is sent to the agent.
- If it doesn’t match, then a message is sent to the agent regarding the failed authentication.
The result is better member service and stronger authentication.