The voice biometrics market is progressing because of the industry requirement for a robust model for fraud detection and prevention from fraudulent systems. Voice biometrics solutions are adopted in the banking, insurance industry, and financial services across the world.
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Digitalization has increased fraudulent activities in the banking industry. The imposters access credentials of customers’ bank account through high-level piracy. So the creation of second or third-level security for financial authentication is crucial. The voice biometrics provides convenient solution to the problem. The user-based voiceprint can easily validate the information. Unlike conventional text pins and passwords, these voiceprints contain unique information of individuals.
The key features of voice biometrics include active as well as passive authentication, automated calibration, panic detection, and liveliness detection. These features ease the identification process and improve know your customer (KYC) management. Barclays uses the phrase ‘My voice is my password’ to authenticate the identity of the caller. This action has reduced the customer verification period by 20 seconds. Some other larger banks such as HSBC, Tangerine Bank, and Wells Fargo have adopted voice biometrics that speeds up the market demand.
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The voice biometrics market is facing serious privacy concerns. The samples are stored locally and can be used for other purposes than the primary one that is customer validation. The hackers can easily access the information of customers’ bank accounts from the applications with voice biometrics. The information can be used to steal money from the voice samples. Along with financial crimes, personal data is used for global surveillance by nosy governments. Further, the data is a key driver for criminals to mislead legal entities. The governments are taking initiatives to standardize the use of voice biometrics to eliminate these risks. Even researchers are also putting efforts to develop voice biometric that uses a neural network approach. The process can rectify the problems with rapid identification. This will help in the growth of the voice biometrics market.