Banking security stronger — and scarier!

masked fraud

The caller said her home had burned down and her husband had been badly hurt in the blaze. On the telephone with her bank, she pleaded for a replacement credit card at her new address.

“We lost everything,” she said. “Can you send me a card to where we’re staying now?”

The card nearly was sent. But as the woman poured out her story, a computer compared the biometric features of her voice against a database of suspected fraudsters. Not only was the caller not the person she claimed to be, “she” wasn’t even a woman. The program identified the caller as a male impostor trying to steal the woman’s identity.

The conversation, a partial transcript of which was provided to The Associated Press by the anti-fraud company Verint Systems Inc., reflects the growing use of voice biometric technology to screen calls for signs of fraud.

Two major U.S. banks, JPMorgan Chase & Co. and Wells Fargo & Co., use voice screening, also known as voice biometric blacklists, according to three people familiar with the arrangements, all of whom spoke on condition of anonymity because the system was meant to remain secret…

A recent AP survey of 10 leading voice biometric vendors found that more than 65 million people worldwide have had their voiceprints taken, and that several banks, including Barclays PLC in Britain and Minneapolis-based U.S. Bancorp, are in the process of introducing their customers to the technology.

Like that phrase? “Introducing their customers to the technology?” Asking the banks for more info gets answers like…”sharing any information about our fraud prevention measures would jeopardize their effectiveness”.

Neither Wells Fargo nor Chase responded to questions specifically addressing the legality of their voice harvesting.

Meanwhile, our state and federal elected officials have done nothing about implementing oversight or regulation of the uses of this technology.

The technology, of course, isn’t the villain in the piece. Products like this or any other aren’t inherently good or evil. The people using them determine the conditions for that value judgement.

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