The explosion of online services that involve personal data, classified information, and the free flow of wealth around the globe has brought with it the need for innovative top-notch security systems. Sophisticated online fraudsters with access to massive resources are able to collect passwords and data, which enable them to cause massive disruptions to the way we do business today. Biometric data is increasingly viewed as the most secure method of protecting data and ensuring that the people who we are interacting with online are actually who they say they are.
There is no doubt that the market for speech recognition software is growing rapidly. The sector is projected to be worth just under US$10 billion by 2022, with a compound annual growth rate of 15.87%, according to market research firm, Markets and Markets. The firm cites many factors as being behind the growth, including “the growing instances of fraud in several end-user industry segments such as enterprise, healthcare, and so on and the adoption of mobile banking by several national and international banks and e-commerce retailers.”
While the primary market focus at the moment is on security applications of the technology, there is a widespread expectation that speech and voice recognition software will be seamlessly integrated into the emerging Internet of Things, to facilitate interactions with appliances such as refrigerators, thermostats and vehicles.
“Major companies such as Google, Apple, and Microsoft are leveraging their large customer base and neural networks to process, understand, and take decisive actions based on real-time voice inputs from the user...”
Speech recognition’s share of the market is increasing due to growing popularity of using on voice recognition instead of a text-based interface. One of the largest drivers of growth, according to the research, is the fact that mobile devices are becoming increasingly powerful and manufacturers are actively integrating speech and voice recognition technologies into them.
One of the most intractable problems facing the industries in which the data safety comes as a top priority is the issue of fraud. Banking industry is a prime example of one. For instance, when a bank receives thousands of voice calls every day, it becomes a prime target for global fraudsters to try and access someone else’s account via the telephone. The standard security processes include asking for full Name, ID number, date of birth etc. However, that type of data can easily be hacked, stolen and used. In much the same way, the answering of secret questions is a widespread securitization method, but that too can be discovered and exploited by sophisticated algorithms.
Biometric data on the other hand is almost fool-proof. From fingerprints to eye scan to the growing field of voice recognition, biometrics are the next wave of security.
A biometric system implemented in a bank speeds up verification process, thereby improving the quality of interaction with clients and provides world-class security in a seamless fashion. During any conversation, whether incoming or outgoing, the system starts the user check in the background as the call begins, and collects a sample of the voice data. Then it matches that data against a reference sample which it has in a database. This whole process takes only a few seconds before the results appear on the operator’s monitor, giving them the all clear to carry on with the process, or raising a red flag, which requires further investigation.
It is important to note that biometric systems mainly do not rely on language in any way, so it is still reliable if a client speaks from any device and in any language.
Ultimately, there is a very strong case for biometric software to replace the use of passwords and more traditional security methods. As the number of cases of malware or Trojans use increases, victims are targeted in ways that improve conversion rates to monetize corrupted accounts. Biometrics, and in particular voice and speech recognition, are far more secure than traditional passwords can ever be and they provide easier and simpler access for most users who struggle to remember multiple passwords over time.
The Banking Environment
Belorussian branch of Austrian group Raiffeisen represents one of the largest commercial banks in Belorussia and is one of the leading local financial institutions in terms of efficiency and profitability. Data analysis revealed that the number of voice calls the bank was receiving that required active identification was increasing every year. They took the decision to implement voice identification software that would dramatically cut the time needed to perform identification, provide excellent reliability and accuracy, and take place in the background so that clients were not even aware that they were being verified unless there was a problem.
Raiffeissen turned to the technology company STC to develop the software.
The CEO of the STC Group, Dmitry Dyrmovsky, explains: “A multimodal biometric authentication platform can be easily used for providing safe and secure user authentication, and at the same time decreasing the cost of remote services.”
STC’s platform called VoiceKey is at the heart of several solutions offered by the company. One of its key features is the ‘’liveness detection” technology, which makes it impossible to use photos or recordings to fake authentication. STC has also developed a programming interface for user application so that it can be integrated into various software applications for use in banking, hospitals, call centers as well as mobile applications. Anywhere that identification is key to an online process, VoiceKey can be adapted and integrated seamlessly.
One of the latest innovations developed by STC is OnePass – a multimodal biometric authentication solution based on both face and voice identification. As the service is cloud-based, it can easily be integrated into any mobile application, web service or corporate information system. High level of security, reliability and simplicity of verification process can help attract new customers, decrease the demand for offline customer services (therefore, costs), increase customer loyalty and satisfaction.
STC Group is a global provider of innovative systems in high-quality recording, audio and video processing and analysis, speech synthesis and recognition and real-time, high-accuracy voice and facial biometrics solutions.
STC Group is extremely well positioned to ride this next wave of security technology, with a global footprint and solid experience that will see them at the forefront of biometrics, in both security and the internet of things, in the foreseeable future.
By Jeremy Daniel