Nuance Hits Biometric Boom; Reaches Milestone in Adoption of Authentication and Fraud Prevention Solutions
January 31 2018 - 8:00AM
Nuance Communications, Inc. (NASDAQ:NUAN) today announced that its
voice biometrics solution has hit a milestone for adoption of its
authentication and fraud-prevention platform that is unsurpassed in
the industry with
over 300 million consumers making more
than five billion successful voice authentications
yearly using Nuance biometrics technology.
The growing list of leading enterprises successfully leveraging
Nuance biometrics come from a diverse set of industries and are
seeing rapid and widespread customer adoption of the technology.
The Australian Taxation Office, ICICI Bank, Royal Bank of
Canada, Santander, TalkTalk, and Vodafone Turkey are among the 20
organizations that have each enrolled more than 1 million
voiceprints in their deployments of Nuance’s Security
Suite, easily authenticating customers and preventing
fraudsters from illegal access.
This ‘biometric boom’ is echoed by leading industry analyst
firm, Forrester Research, which noted: “As users increasingly
demand frictionless authentication everywhere, biometrics solutions
have garnered significant attention for both authentication and
fraud prevention — especially on mobile and IoT devices.
Furthermore, as their adoption increases, they will hasten the
demise of the industry's least user-friendly method — passwords.”
*
Biometrics can ultimately kill passwords while also improving
CSAT and Net Promoter Scores, reducing risk, and improving key
operational measurements along the way. Less apparent to the user,
but equally as valuable, is the ability for biometrics to tackle
consumer fraud head-on. In fact, every dollar of fraud costs
organizations nearly 2.5 times more than the actual loss itself
(LexisNexis).
With the security of PIN- and password-based systems under
near-constant attacks by hackers, new technologies, like
biometrics, can save organizations millions while keeping customers
happy and their accounts safe. Nuance Security Suite enables
organizations to authenticate customers with voice, face or other
biometric modalities to stop fraudsters in their tracks. Security
Suite applies deep neural networks (DNN) and advanced algorithms to
detect synthetic speech, recordings, and brute force attacks,
taking fraud prevention to new levels.
In addition to improving customer experiences via easy and
seamless authentication, global organizations across various
industries have seen meaningful results by implementing Nuance’s
biometrics technology for fraud prevention & mitigation:
- A top 5 UK bank caught 4 million pounds ($5.5 million) of fraud
attempts in just under a year after introducing biometrics
- A top UK bank prevented over 200 cases of fraud in just under 6
weeks, which led to savings of 4.5 million pounds ($6.2
million)
- A large US telco prevented over $1m in fraud losses by
preventing expensive smartphones to be shipped out to
fraudsters
- A government agency prevented fraudsters from compromising
citizen accounts, protecting identities of citizens
“The nearly two dozen leading enterprise customers that have
surpassed the million-voiceprint mark, along with the impressive
results in fraud reduction and improvement in customer experience,
proves that biometrics are on a trajectory for continued
large-scale adoption,” said Brett Beranek, Director of Security
Strategy at Nuance. “Organizations understand that they need to
fight fraud in an aggressive way while at the same time ensuring
users have a convenient method for authentication. As the leader in
this market, we are proud to partner with forward thinking
organizations to replace PINS, passwords, and knowledge-based
questions with biometric authentication.”
For more information about the Nuance Security Suite, go
here.
*Forrester Research, “TechRadar™: Biometric Authentication, Q1
2017,” March 14, 2017LexisNexis, “Risk Solutions 2017 True Cost of
Fraud Survey,” October 2017
About Nuance Communications,
Inc.Nuance Communications (NASDAQ:NUAN) is the
pioneer and leader in conversational and cognitive AI innovations
that bring intelligence to everyday work and life. The
company delivers solutions that can understand, analyze and respond
to human language to increase productivity and amplify human
intelligence. With decades of domain and artificial
intelligence expertise, Nuance works with thousands of
organizations – in global industries that include healthcare,
telecommunications, automotive, financial services, and retail – to
create stronger relationships and better experiences for their
customers and workforce. For more information, please visit
www.nuance.com
Trademark reference: Nuance and the Nuance logo are registered
trademarks or trademarks of Nuance Communications, Inc. or its
affiliates in the United States and/or other countries. All other
trademarks referenced herein are the property of their respective
owners.
Contact Information
For PressUSKaren LinkNuance Communications,
Inc. Tel: 781-565-4797karen.link@nuance.com
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