Biometric voice systems could prove an invaluable weapon in the fight against mobile payments fraud, according to a new study launched jointly today by advisory firm Opus Research and technology company Validsoft.
According to the report entitled ‘Strong Authentication for Mobile Commerce’, multi-factor authentication (MFA) offers the highest level of protection for mobile payment channels.
MFA systems could benefit customers through increased security on one hand and uncompromised customer experience on the other.
Figures in the report put the number of mobile banking users in 2013 at 590m, set to increase to more than 1bn by 2017.
The report claims that as mobile banking and payments usage increases, so does the risk of fraud increase for users.
It states that a recent survey by US electronic banking and payments company ACI Worldwide found that across 17 countries, one in four respondents had been affected by card fraud in the past five years, with instances prevalent in developed countries, the US and the UK in particular.
Dan Miller, senior analyst at Opus Research said: "Imposters use phone-based channels to perpetrate identity fraud, while thieves – using the tools that support mobile commerce – are also findings ways to defraud merchants. Voice biometrics proves to be an effective way to combat both".