Editorial & Advertiser Disclosure Global Banking And Finance Review is an independent publisher which offers News, information, Analysis, Opinion, Press Releases, Reviews, Research reports covering various economies, industries, products, services and companies. The content available on globalbankingandfinance.com is sourced by a mixture of different methods which is not limited to content produced and supplied by various staff writers, journalists, freelancers, individuals, organizations, companies, PR agencies Sponsored Posts etc. The information available on this website is purely for educational and informational purposes only. We cannot guarantee the accuracy or applicability of any of the information provided at globalbankingandfinance.com with respect to your individual or personal circumstances. Please seek professional advice from a qualified professional before making any financial decisions. Globalbankingandfinance.com also links to various third party websites and we cannot guarantee the accuracy or applicability of the information provided by third party websites. Links from various articles on our site to third party websites are a mixture of non-sponsored links and sponsored links. Only a very small fraction of the links which point to external websites are affiliate links. Some of the links which you may click on our website may link to various products and services from our partners who may compensate us if you buy a service or product or fill a form or install an app. This will not incur additional cost to you. A very few articles on our website are sponsored posts or paid advertorials. These are marked as sponsored posts at the bottom of each post. For avoidance of any doubts and to make it easier for you to differentiate sponsored or non-sponsored articles or links, you may consider all articles on our site or all links to external websites as sponsored . Please note that some of the services or products which we talk about carry a high level of risk and may not be suitable for everyone. These may be complex services or products and we request the readers to consider this purely from an educational standpoint. The information provided on this website is general in nature. Global Banking & Finance Review expressly disclaims any liability without any limitation which may arise directly or indirectly from the use of such information.

NUANCE HITS BIOMETRIC BOOM; REACHES MILESTONE IN ADOPTION OF AUTHENTICATION AND FRAUD PREVENTION SOLUTIONS

Global Enterprise Customers Individually Achieve Over 1M Voiceprints as AI-Powered Security Suite Drives Record Adoption                            

Nuance Communications, Inc. (NASDAQ: NUAN) today announced that its voice biometrics solution has hit a milestone for adoption of its authentication and fraud-prevention platform that is unsurpassed in the industry with over 300 million consumers making more than five billion successful voice authentication early using Nuance biometrics technology.

The growing list of leading enterprises successfully leveraging Nuance biometrics come from a diverse set of industries and are seeing rapid and widespread customer adoption of the technology. The Australian Taxation Office, ICICI Bank, Royal Bank of Canada, Santander, TalkTalk, and Vodafone Turkey are among the 20 organisations that have each enrolled more than 1 million voiceprints in their deployments of Nuance’s Security Suite, easily authenticating customers and preventing fraudsters from illegal access.

This ‘biometric boom’ is echoed by leading industry analyst firm, Forrester Research, which noted: “As users increasingly demand frictionless authentication everywhere, biometrics solutions have garnered significant attention for both authentication and fraud prevention — especially on mobile and IoT devices. Furthermore, as their adoption increases, they will hasten the demise of the industry’s least user-friendly method — passwords.” *

Biometrics can ultimately kill passwords while also improving CSAT and Net Promoter Scores, reducing risk, and improving key operational measurements along the way. Less apparent to the user, but equally as valuable, is the ability for biometrics to tackle consumer fraud head-on. In fact, every dollar of fraud costs organisations nearly 2.5 times more than the actual loss itself (LexisNexis).

With the security of PIN- and password-based systems under near-constant attacks by hackers, new technologies, like biometrics, can save organisations millions while keeping customers happy and their accounts safe. Nuance Security Suite enables organisations to authenticate customers with voice, face or other biometric modalities to stop fraudsters in their tracks. Security Suite applies deep neural networks (DNN) and advanced algorithms to detect synthetic speech, recordings, and brute force attacks, taking fraud prevention to new levels.

In addition to improving customer experiences via easy and seamless authentication, global organisations across various industries have seen meaningful results by implementing Nuance’s biometrics technology for fraud prevention & mitigation:

  • A top 5 UK bank caught 4 million pounds ($5.5 million) of fraud attempts in just under a year after introducing biometrics
  • A top UK bank prevented over 200 cases of fraud in just under 6 weeks, which led to savings of 4.5 million pounds ($6.2 million)
  • A large US telco prevented over $1m in fraud losses by preventing expensive smartphones to be shipped out to fraudsters
  • A government agency prevented fraudsters from compromising citizen accounts, protecting identities of citizens.

“The nearly two dozen leading enterprise customers that have surpassed the million-voiceprint mark, along with the impressive results in fraud reduction and improvement in customer experience, proves that biometrics are on a trajectory for continued large-scale adoption,” said Brett Beranek, Director of Security Strategy at Nuance. “Organisations understand that they need to fight fraud in an aggressive way while at the same time ensuring users have a convenient method for authentication. As the leader in this market, we are proud to partner with forward-thinking organisations to replace PINS, passwords, and knowledge-based questions with biometric authentication.”

For more information about the Nuance Security Suite, go here.