Voice biometric blacklists technology pilots run.
Major US banks including JPMorgan Chase and Wells Fargo are secretly harvesting callers’ voiceprints to screen calls as part the efforts to thwart frauds.
About seven major American financial organisations have already been using the voice biometric blacklists technology or have run pilots.
Once used by security agencies, the voiceprints has now turned out to be one of the growing technology under the speaker recognition tool, while several governments and businesses openly use blacklists.
A recent survey of voice biometric vendors carried out by Associated Press noted that voiceprints of more than 65 million people have already been taken and banks including the UK’s Barclays and US Bancorp plan to launch the tech to their customers.
Further, the report adds that San Francisco-based Wells Fargo has already awarded a contract for a similar voice biometric blacklist to Israel-based NICE Systems.
In its plan for the creation of a blacklist, NICE suggested the US banks that they deal with issues of consent by modifying the conventional message at the start of every call to say: "This call may be monitored, recorded and processed for quality assurance and fraud prevention purposes."
NICE’s memo added: "Creating a voiceprint from the call falls under ‘processing.
"Sharing the voiceprints within the consortium is for the purposes of fraud prevention."
The voice biometric blacklists have also been effectively trimming down the number of fraud calls to banks’ call centres. There has been a 90% drop in fraud calls.
Last month, UK’s BBA collaborated with BAE Systems Applied Intelligence to develop Financial Crime Alerts Service (FCAS) to bolster bank’s security against cyber fraudsters.