Finivation Software, a developer of financial technology, has launched its voice biometric authentication solution that is designed to enhance credit union call center security as well as online and mobile banking security.
The solution, called VoiceVerify, will be first implemented at the Phoenix-based Desert Schools Federal Credit Union who is hopeful that the new technology will ease the process of authenticating customers via the phone as well as decrease the time it takes to do so.
The purpose of the technology is to better identify customers with their accounts and to be sure that fraudsters are not gaining access to sensitive information or able to make transactions. Finivation also has three specific problems VoiceVerify is designed to solve: authenticate a user’s identity over the phone when accessing an account, authenticating one’s identity via a phone call for final authorization of a transfer or payment and automated password reset by phone.
In addition to being able to solve basic problems banks are encountering, Finivation officials are additionally hopeful for their product’s success due to its meeting the new security guidelines called for by the Federal Financial Institutions Examination Council.