A new report, launched today by Opus Research and entitled ‘Strong Authentication for Mobile Commerce,’ finds that multi-factor authentication is the best way to secure the mobile payments channel. It also finds that a Voice Biometric check such as that provided by tech company ValidSoft not only achieves strong security as part of a layered multi-factor approach but is ideally suited in creating a natural low friction customer experience for today’s consumer.
Multi-factor as best practice
Commenting on the importance of tackling security in the mobile channel, Pat Carroll, CEO of ValidSoft says: “With more new services offering customers ways to bank and purchase goods and services via their mobile phone, the take-up of mobile payments is predicted to continue rising sharply. The challenge now is to prevent fraud in this channel without harming the customer’s overall shopping or banking experience. The mobile channel is the most exciting channel we have. Everybody wants a piece of it. As an owner of a mobile/smart phone, there is little that I can’t do in that device that replaces a plethora of devices I own today. By virtue of that it has become the absolute focus of the fraudsters. The market needs a security architecture that is custom-designed for the mobile channel, yet sensitive to the needs of consumers in that channel: user-friendly, easy to use, intuitive – ”no friction” where possible and “ low friction” when we need to involve the customer. This is exactly what ValidSoft has created, and in our multi-factor model, voice plays a central role. We provide our clients with a confidence driven model, which enables clients to dynamically configure the appropriate level of security for the perceived risk of any transaction, but in a highly intuitive and easy to use manner. We have made strong security so easy that you would be forgiven for thinking that there was no security at all!”
The report outlines the best security approach to help overcome this challenge. That approach is multi-factor, incorporating voice biometrics as part of a context aware approach to security i.e. one that incorporates visible and invisible factors, environmental context and which does not rely on any single factor, such as Voice Biometrics, in isolation.
Voice biometrics a key part of the multi-factor mix
For more than five years, Opus Research has argued that voice biometrics is an obvious choice for caller authentication and transaction authorization using mobile phones. Among users with experience of biometrics, voice is the preferred form* and demand is growing – seven out of ten consumers said they would be interested in using biometric authentication**.
Dan Miller, Senior Analyst at Opus Research says: “By now, it is widely accepted that no single mechanism is capable of accomplishing the total elimination of fraud. ValidSoft is finding traction for its ‘five-factor’ approach that includes context-aware, voice-based authentication. 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.”