Identity theft has been a serious problem especially in the banking industry. We've heard several frustrating stories like unauthorized withdrawals on bank accounts and charges on credit cards. If you have experienced any of these, trust me, I know and understand the hassle and frustration you've gone through in dealing with the issue.
Banks have been working so hard to alleviate such concerns. And starting this October, a groundbreaking authentication process will be rolled out across Asia to improve the security of phone banking.
Citi, the country's largest foreign bank, is introducing Voice Biometrics in the Philippines. Forget about passwords or personal identification numbers. Simply put:
Your Voice Is Now Your Password
With the announcement of this newest innovation, Citi's more than one million clients in the country can already enroll in Voice Biometrics and let their voices be the means for authentication of their phone banking transactions.
"We are proud of our strong track record in innovation, and we are delighted to once again take the lead in introducing a game changer in the banking industry. We are relentlessly focused on making it more convenient for our customers to bank with us. Voice Biometrics will deliver convenience and addition protection for their accounts" said Citi Philippines CEO Aftad Ahmed
The voice biometrics technology makes use of voice prints, which is unique to every individual just like fingerprints, in identifying the client's identity. Even twins and triplets have unique voice prints.
During the launch, Citi did a demo of how the new voice biometrics works. First, a guest was called infront to enroll his voice biometrics for his Citi account. The enrollment process is very easy. The client has to call the Citi hotline, then the agent will send a PIN to the client's phone and have him transferred to the system and he/she has to answer few questions while his voice is being recorded. Watch the video below on how it's done:
With the voice biometrics system, the verification process has significantly reduced from the usual average time of around 45 seconds to just 15 seconds. From the answering of the call to knowing the concern of the client, the voice is already being verified and will immediately inform the agent whether he/she is actually speaking to the account holder or not.
Tessa Prieto-Valdez has already registered her voice print before and, during the event, she tried calling the hotline and check if her voice will be recognized:
During the launch, Citi did a demo of how the new voice biometrics works. First, a guest was called infront to enroll his voice biometrics for his Citi account. The enrollment process is very easy. The client has to call the Citi hotline, then the agent will send a PIN to the client's phone and have him transferred to the system and he/she has to answer few questions while his voice is being recorded. Watch the video below on how it's done:
With the voice biometrics system, the verification process has significantly reduced from the usual average time of around 45 seconds to just 15 seconds. From the answering of the call to knowing the concern of the client, the voice is already being verified and will immediately inform the agent whether he/she is actually speaking to the account holder or not.
Tessa Prieto-Valdez has already registered her voice print before and, during the event, she tried calling the hotline and check if her voice will be recognized:
Security is and would probably the main concern of account members. What if someone imitates the client's voice? What if the client is sick and his/her voice changed? What if someone recorded the voice of the client? All these and other possible scenarios have been proved tested for years. We've seen a demo of someone pretending to be the account holder. Here's what happened:
To date, voice biometrics authentication has been implemented in Taiwan, Australia, Hong Kong, Singapore, and Malaysia. It will be rolled out throughout the region in 2016 and 2017 to cover all 12 of Citi's consumer banking markets in Asia Pacific that represent more than half of the bank's 19 consumer markets globally.
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