Voice Pay

 

The number of people online is approaching the one billion mark; the amount of online fraud is also growing at exponential pace. Online fraud such as Phishing is cited as one of the reasons many potential online shoppers refuse to buy on the Internet.
Banks and other organisations are continually finding solutions to combat fraud especially credit card fraud online.

Some success has been achieved, but success in some quarters usually sees increased fraud in other segments of the industry, for example Chip and Pin technology has significantly reduced credit card fraud in the retail industry, but a sharp rise in fraud committed with UK issued credit cards on continental Europe has been reported, mainly because UK is the only country that uses Chip and Pin technology in Europe.

Voice Pay, a new technology that is virtually impossible for fraudsters to abuse was recently launched. Voice Pay payment system is based on advanced speech recognition technology. The process underlying the technology is roughly the same as chip and pin; your credit card issuer has a pin on file for you, you enter the pin when verifying card payment to indicate you are the authorised owner of the card.
With Voice Pay, instead of entering verification digits in the form of alphanumeric numbers, your Voice acts as the verification tool. The bank or credit card company has your voice imprinted on a database, when you want to verify a payment, you are asked to enter your pin vocally, your speech is then analysed and compared with the sample your credit card company has on file for you, if it matches, your transaction it’s authorised, if your voice does not match, you are requested to contact your card issuer for additional verification.
What makes Voice Pay impossible to defraud is the fact that our voices, like our fingerprints are unique. Voices could sound similar to human comprehension but it is impossible to fool an advanced voice biometric system that analyses data far finer than the human hearing. Whilst a fraudster may get hold of your pin and your card and pretend to be you, your voice is impossible to fake.  Nick Ogden, the creator of Voice Pay is not new in the online payment industry. Among other projects, he founded online payment processing giant World Pay.

Voice Pay’s website claims that the technology works everywhere, “ in a shop, on a train, on TV, in a newspaper and on-line” but given the poor reception you get whilst using your phone on a train and some other locations, the technology could surely be compromised. Nick Ogden explained, “if the voice trying to authenticate payment does not match the voice on file due to poor line quality or any other reason, the authorisation will be declined and the caller referred to the card issuing company for additional confirmation”.  Nick Ogden said the technology has been in development and testing for many years. It is now a stable and secure payment verification platform.. Banks such as ABN-AMRO are already using the technology to authenticate some financial transactions.
If Voice Pay technology is rolled out en mass like Chip and Pin technology, it would strike a deadly blow to Identity Theft, Phishing, and other high street and online fraud.

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