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HSBC UK Reports that Biometric Verification with its Caller ID Program, Voice ID, Reduced Bank Fraud by 50%
HSBC‘s caller ID program
Voice ID has reportedly managed to reduce telephone banking fraud by more than 50% during the past 12 months, indicating that biometric verification can be quite effective in fighting against bad actors.
HSBC says that its voice biometrics system has helped with preventing nearly £249 million of clients’ funds from falling into the hands of telephone scammers (during the past year).
As more consumers engage with digital platforms and tele-banking, HSBC UK has been reporting a significant rise in clients signing up for Voice ID, which is reportedly being used by more than 2.8 million active accounts.