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.

You must be logged in to get greater insights.

Remote EVM ready to help migrants vote outside States: ECI

Polity & Governance Government Interventions and Policies

India’s ‘untouchable’ women face discrimination even in schemes meant to help them

Society Issues related to the women

India-Maldives bilateral relations

International Relations India and its Neighbourhood

India’s CAD widens to a 9-year high

Economy Growth and Development

Short Articles

Miscellaneous