HSBC introduces new security system protecting customers from fraud

HSBC has recently introduced a new biometric security system that is able to authenticate customers through their voices.

The system, which was launched in 2016, analyses voices in seconds as well as checks more than 100 behavioral and physical traits. It can notice features such as speed, cadence, pronunciation, and even the shape of the speaker’s larynx, vocal tract, and nasal passages.

With the spread of the pandemic, more people turned to online and mobile banking, thus increasing the risks of fraud.

By using this system, the bank noticed that telephone banking fraud has been reduced by 50% and prevented £249m of UK’s customers’ money to be stolen in the last year only. Around 2.8 million customers have started to use this Voice ID system during the pandemic.

Voice ID has then helped make telephone banking easier and more convenient for customers as well as stopped many fraud attempts, protecting customers’ money. It is expected that many financial services firms will invest in this technology in order to protect their customers.

 

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