List of Contents
Source– The post is based on the article “Leveraging voice technology to combat cyber-fraud” published in The Hindu on 30th December 2022.
Syllabus: GS3- Basics of cyber security
Relevance– Use of biometrics for security
News– The article explains the use of Voice Technology for improving cybersecurity
What is the status of bank and cyber frauds in India?
Bank and cyber frauds in India are on the rise. According to data by the RBI, frauds have cost the country an estimated ₹100 crore a day over the last 7 years.
The frauds reported in 2021-22 were 23.69% higher than in the previous year, although there was a decline in the amount involved.
What is Voice Technology?
It encompasses voice biometrics or voice/speech recognition technology. It is one of the best ways to improve cybersecurity through the use of voice biometrics.
It uses the unique characteristics of a person’s voice as identification. The technology creates a digital voiceprint and compares it to a caller’s voice.
Why is it beneficial as compared to other biometrics?
Voice authentication can significantly improve security over knowledge-based authentication methods. Compared to other biometrics, voice use is the cheapest technology. It does not require a reader or special device. It is also non-invasive, portable and affords remote identification.
Banks have traditionally relied on the use of passwords. But, these are the weakest links in security. Unlike a password, a customer’s voice is impossible to copy. It is far more challenging to hack.
VT verifies a caller in a very short time by analysing the caller’s voice and flags suspicious calls.
VT allows privacy because it does not require users to reveal personal information.
The technology is sensitive enough to detect if someone is impersonating the user or playing a recording. It can identify even if the user has a cold or a sore throat.
What are the potential uses of Voice Technology?
The voice biometrics industry is growing exponentially now. Experts expect the market to reach a market size of $3.9 billion by 2026, with a compound annual growth rate of 22.8%.
Voice biometrics can help financial institutions to ensure higher levels of protection for customers and employees. In February 2019, HSBC became the first bank to introduce voice recognition for mobile banking customers. As a result, telephone banking fraud cases fell by over 50%.
Voice Technology is an essential tool for forensics and law enforcement. The police can leverage voice to improve investigation efficiency, identify criminals, track criminals, and better respond to crimes.
Voice is finding use in airport security to check criminal background. Voice has a much lower error rate, and requires no eye contact.
VT has the advantage of improving user experience, reducing call handle times and call centre costs. It ensures high-accuracy authentication in seconds.
Voice could be an excellent tool for the Government to disburse money for various schemes and verify the proof of life of pensioners from their homes.
What are downsides of this technology?
The technology may not be 100% foolproof. It may give false positives, and has an accuracy between 90% and 99%.
But some recent systems which come with voice analytics of gender and age identification, claim 100% verification accuracy.
What needs to be done by the government?
The Government needs to develop a mechanism for proper coordination between financial institutions and the police to investigate and prosecute fraudsters.
It needs to maintain an extensive database of such criminals.