BURLINGTON, Mass., Dec. 15, 2020 /PRNewswire/ -- Nuance Communications, Inc. (NASDAQ: NUAN) today announced that the Industrial Bank of Korea (IBK) has deployed its market-leading voice biometrics technology to create the banking industry's first biometrics solution for video calls. Leveraging Nuance AI, IBK is already protecting more than 100,000 customers from falling victim to fraud by automatically authenticating their identities during both video and phone conversations.
The global pandemic has upended the way banks and financial institutions interact with consumers. What was once an industry that relied on face-to-face interactions has digitally transformed to accommodate the new, virtual world. Unfortunately, with the working world increasingly operating on digital channels, fraudsters and bad actors have been presented with more opportunities to try to infiltrate customer accounts. Nuance customers report that the volume of fraud attacks has risen 200-400 percent—depending on the industry—since the start of the pandemic.
"Face-to-face banking transactions are far less frequent now as a result of the pandemic, and we've made it our top priority to ensure customer safety, convenience, and experience is maintained despite that," said Shinwoo Kang, Customer service strategy manager, IBK. "With Nuance Gatekeeper, we've made it easier and more secure than ever for customers to bank by phone or video without having to visit our branches. This type of advanced, AI-enabled biometrics technology is the future of financial transactions in Korea, and we're proud to already be delivering on that for our customers."
To ensure its customers were adequately protected across every channel—from phone to video—IBK turned to Nuance Gatekeeper, the industry-leading biometrics platform that protects more than 600 million consumers worldwide. The AI-enabled solution analyzes customer voices for more than a thousand characteristics, which includes both physical traits and behavioral characteristics—such as rhythm, intonation, and pace. With Gatekeeper, registered IBK customers can securely communicate with customer support via phone and video chats without worrying about their personal identifiable information being replicated by fraudsters.
"IBK launched voice biometrics authentication formally to its customers in June 2020. Since then, the company has enrolled more than 100,000 customers," said Brett Beranek, vice president and general manager, Nuance. "IBK is the first bank we've seen leverage biometrics for voice authentication during video calls—a trend we anticipate will only increase in the future. This is a perfect example of how to leverage AI to adequately protect consumers during a time of increased, advanced fraud attacks brought on by the reliance on digital experiences in recent months."
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About Nuance Communications, Inc.
Nuance Communications (NASDAQ: NUAN) is a technology pioneer with market leadership in conversational AI and ambient intelligence. A full-service partner trusted by 90 percent of U.S. hospitals and 85 percent of the Fortune 100 companies worldwide, Nuance creates intuitive solutions that amplify people's ability to help others.
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SOURCE Nuance Communications, Inc.