Voiceprinting is the practice of recording a customers voice and then matching that voice to previous recordings to ensure the same voice is calling each time. Both J.P Morgan Chase & Wells Fargo Co use this technology to help prevent fraud, according to a report by the Associated Press.
The banks can also use this same technology to create a blacklist of criminals that have used personal data of a customer in the past to access their accounts. There is also some evidence to suggest that financial institutions would share this blacklist amongst themselves to reduce fraud rates across the board.
I’m not sure how I feel about this type of data being used, Chase have stated that they don’t use this technology on their customers (but didn’t comment on whether they use it for building a blacklist) and it’s already common knowledge that your calls to a financial institution are recorded. On the other hand I can’t help but feel this is an invasion of privacy.
Within a few months we see a 90 percent reduction in the types of calls these fraudsters are making
Mark Lazar, a vice president at Verint Systems Inc
