Leveraging voice technology to combat cyber-fraud

Context:

With cyber fraud in India on the rise, voice biometrics technology can help financial institutions provide higher levels of protection for customers and data.

Instances of Cyber Fraud

• Reserve Bank of India Data: According to data by the Reserve Bank of India, frauds have cost the country an estimated Rs 100 crore a day over the last seven years.
• Increased Cases: The frauds reported in 2021-22 were 23.69% higher than in the previous year, although there was a decline in the amount involved.
• Reasons: The main reasons for the rise in fraud include greater use of digital payments, telephone banking, and online banking services.

An emerging technology

• Adopting Voice Technology (VT): VT verifies a caller swiftly in seconds by analyzing the caller’s voice and flags suspicious calls. It allows privacy because it does not require users to reveal personal information.
• An emerging Technology: This technology creates a digital voiceprint and compares it to a caller’s voice. Voice authentication can significantly improve security over knowledge-based authentication methods.
• Relatively more secure: Unlike a password, a customer’s voice is impossible to spoof or copy, and is far more challenging to hack.