Fraud is unrelenting. According to the ACFE’s 2018 Report to the Nations, it’s now a $4 trillion global problem.
With data breaches on the rise, and usernames and passwords compromised, it is simple for fraudsters to get access to most any individual’s personal information, rendering traditional knowledge-based security methods obsolete. A recent Nuance survey found 1 in 4 people have fallen victim to fraud in the last twelve months, each person losing an average of $2,000 due to inefficient passwords.
Some of the world’s largest organizations have effectively used biometrics to significantly reduce the incidence of fraud for their customers. Consider HSBC’s experience. In 2016, the bank launched VoiceID in the UK, allowing customers to access their bank accounts using their voice as password. HSBC reported over £330 million in prevented fraud directly attributed to this switch to biometrics. Large financial institutions, telecom operators and government agencies around the world have reported similar dramatic reductions in fraud.
However, annual fraud losses keep increasing, indicating that fraud is primarily being displaced to other organizations that are still using legacy methods for authentication and fraud prevention.Enter Nuance Gatekeeper. Our objective was to democratize enterprise grade biometrics, so that organizations of all sizes and in all industries can easily and quickly take advantage of the same biometric technologies as the world’s largest corporations and government agencies.
Industry experts point to the technology as an important piece of solving the fraud problem. “Biometrics provide the power to secure individuals based on who they are rather than what they know. If hacked, data in the form of biometric templates is far less valuable than stored passwords because they are almost impossible to replicate,” said Dan Miller, Lead Analyst, Opus Research. “Organizations of all sizes are fighting to stay ahead of fraudsters and the increasing threat posed by synthetic impersonation. Companies find cloud-native security models to be more attractive because they are accessible, scalable and offer access to real-time updates to the newest fraud-fighting algorithms.”
Nuance, named “undisputed market leader” by Opus Research for its industry-leading biometrics technology, is bringing the power of biometrics to organizations around the globe to improve their security posture while validating their customers’ identities in a secure and frictionless way, across any channel they engage. Nuance Gatekeeper employs a modern cloud native architecture that allows it to be more secure and reliable, offering enterprises a dynamically scalable and continuously improving solution. This means you only pay for what you use, IT overhead costs will be dramatically reduced compared to an on-premises model, and you will always be up to date with the latest AI-powered technologies we produce.
Once the domain of large banks, telcos and government, the power of biometrics is made available to organizations of all sizes through Nuance Gatekeeper. Together, we can put fraudsters out of business!