Consumers are demanding stronger multi-factor security when accessing banking and telecoms accounts, according to voice identification firm Nuance.
A study conducted by Harris Interactive found that eight out of 10 consumers believe there are security gaps in identity confirmation when accessing phone and banking accounts. The 2008 Secure Identification Survey gathered information on the perception and satisfaction of traditional security methods, as well as new approaches such as voice, retina and fingerprint biometrics.
The majority of respondents use passwords, Pins or challenge-question schemes to prove their identity with a service provider, but 58% admitted that they have forgotten their secure information in the past.
Writing down Pins, reusing passwords across multiple accounts and using publicly accessible information on birthdates and mother’s maiden names are just some of the security gaps associated with Pin-based security.
“It is no surprise that consumers are looking for improved security, and view speaker verification as more secure than traditional means most often used today,” said Ian Turner, general manager for northern EMEA at Nuance.
The survey found that just 21% of respondents had no concerns about access fraud with their telecoms account, and just nine per cent had no concerns about access fraud on their bank account. Nuance believes that voice provides the best balance of security, scalability and implantation costs.
While still a new technology, 83% of respondents already believe that speaker verification technology is a secure way to protect account access. Furthermore, nearly three-quarters are already ‘likely’ or ‘somewhat likely’ to use a speaker verification service for accessing their accounts.
Nuance explained that, contrary to popular perception, factors such as a cold or sore throat do not usually affect the system’s ability to recognise a user’s voice. The company did admit that voice biometric security will not be the panacea that will immediately solve all the security concerns. But it will add another vital security layer, making it more difficult for fraudsters to illegally access an account.
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