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News

Rising Fraud Levels Could Be Stemmed With The Use Of Voice Biometrics

Voice Commerce Group : 31 January, 2011  (Technical Article)
CEO of Voice Commerce provides his view on the rising levels of fraud in the UK as reported by the NFA and suggests how voice biometric technology could provide a solution
In relation to today’s National Fraud Authority’s report, fraud costs the UK over 38 billion, says the National Fraud Authority. Nick Ogden, CEO of Voice Commerce, a company pioneering the use of voice biometrics as a way to counter fraud made the following comments: “The latest National Fraud Authority statistics reveal that fraud is costing the UK £38 billion a year. According to the report, the cost to the private sector was £12bn and charities lost 1.3bn, while individuals' losses were estimated at 4bn. That means that if the total cost is broken down, every Brit would be 765 pounds worse off; a fair bit of money in the today’s economic climate.



“In a time when identity theft and data security climb ever higher on the agenda and the world is becoming ever more mobile, we are increasingly in need of an efficient way to identify ourselves and sign for things. Voice biometrics addresses this problem because it verifies who the person is, rather than what they know as is the case with methods such as Chip and PIN. With this in mind, the payments industry needs to adopt a federated response towards fraud and look to introduce a regulated mobile identity database. Only through these measures can we truly and effectively clamp down on financial crime.”
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