AI Cybersecurity Paytech Trending

One in Five People Targeted by Fraud, Says New Research

By Brett Beranek, Vice President & General Manager, Security at Nuance Communications 

Recent research found that one in five adults have fallen victim to fraud in the past twelve months, losing an average of £1,000 per person. 

The same study discovered that two in five (38%) end users forget their passwords at least once a month. Voice-based payments could offer a solution to this security crisis.  

As PINs and passwords continue to fail – and hacks and breaches increase – more and more organisations are deploying voice biometrics to enable a simpler and safer way for customers to validate their identities and access services.

“AI-powered biometrics is a proven, effective authentication factor and fraud tool.”

Biometric technology takes the onus away from insecure and tedious PINs and passwords and places the emphasis on our unique characteristics – making authentication not only more secure but a lot easier to do.

Whilst there is not and never will be one single silver bullet for fighting fraud in the payments landscape, AI-powered biometrics is a proven, effective authentication factor and fraud tool. By deploying biometric technology, companies have prevented over £1bn worth of customers’ money from getting into the wrong hands, demonstrating that it really is the future of authentication.

In fact, HSBC recently revealed that voice biometrics has helped it weed out fraudsters – and has prevented over £300m falling into the hands of criminals since it launched in the UK. 

Author

  • Editorial Director of the The Fintech Times

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