Chase, Wells Fargo, and other Banks Create Voiceprints from Calls to Prevent Fraud
Starting soon, you may hear the following message when you call your credit card company: “This call may be monitored, recorded and processed for quality assurance and fraud prevention purposes.” The statement is slightly different than the usual, “This call will be monitored or recorded…” According to a CNBC article published a few hours ago (link), credit card companies (especially Chase and Wells Fargo) are investing in “voice biometric technology to screen calls for signs of fraud.”
The banks can compare the voice on the phone to previously recorded and analyzed phone calls to determine if it is actually you on the phone, rather than an identity thief impersonating you. The system is even able to recognize voices and determine if they are blacklisted for previous attempts at fraud.
This new technology may frighten some privacy advocates, but if the technology works as it is designed to, it should greatly reduce cases of fraud and identity theft. It should come as no surprise that banks are investing millions of dollars in this technology. It seems like every month or so, there is a new security breach larger than the last. Huge companies like Target, Home Depot, JP Morgan Chase, and several other companies have been in the news this past year revealing security breaches to their customers’ most sensitive information.
I, for one, hope the voice biometric technology and whatever other technology the banks decide to implement makes a noticeable impact on the frequency and severity of data breaches, credit card fraud, and identity theft. Only time will tell…
If you have any questions, please leave a comment below.
Any thoughts on Redbird’s rollout to the West Coast?
God, I’d like to stop going to Walmart!
I’m working on getting a card from my friend who lives in Colorado. I don’t like this West Coast discrimination. Come on Target!
Don’t you have to give up your Serve or Bluebird account in order to get Red? I thought you could only pick one of the three?
I’m hoping I can sign up my brother for Redbird since he doesn’t have any card.
this voice print will have a major impact on miles and pts community. no one will admitted but everyone in this game does call in for their spouses or family members for approval or access to the information on the CC.
What I do is call for my mom or dad and have them with me so they can give Chase their permission to speak with me. Otherwise, I have the phone on speaker mode and whisper the lines to them. My mom is too serious when she calls to cancel and they never offer retention bonuses to her :/