Why Should I Implement the Voice Signature ServiceSM

Voice Signature Service > Why should I Implement The Voice Signature ServiceSM?

The following business drivers underlie the value of TradeHarbor Voice Signature ServiceSM:

  • Technology for Business Process Improvement
  • Increase in Identity Theft and Fraud
  • New Regulatory Requirements
  • Business Process Improvement -
      VSS enables process improvements that help businesses to effectively compete in their markets and improve profitability.
    • Revenue and market share growth stems from business processes that improve customer convenience and satisfaction, and that ensure customer privacy and data security – thereby enhancing the overall customer “experience”.
    • Reducing cost and time of business processes requires ongoing process simplification and early adoption – ahead of competitors – of new technologies and methods that will increase productivity and efficiency.
    • In addition to mitigating fraud and identity theft, TradeHarbor’s Voice Signature ServiceSM supports these process improvement goals in interactions and transactions between businesses and their customers over the Internet, telephone and mobile device channels.
  • Identity Theft and Fraud -
      Identity theft and fraud are on the increase at the same time that more and more commercial interactions and transactions are occurring over the Internet, wireless/mobile networks and telephony systems.
    • News stories about identity theft and fraud are prevalent today. Almost everyone knows someone who has suffered the time and expense of resolving the problems resulting from identity theft, data theft and fraud.
    • Many types of identity theft and fraud occur over the Internet and telephone networks, where the perpetrator can act with anonymity. Yet businesses must use these channels of communication to effectively interact with their customers and business partners.
    • Businesses have been forced to implement various types of security measures to minimize identity theft and fraud. These measures include traditional username/password approaches, “shared secrets”, number-generating “keyfobs”, digital tokens and fingerprint/iris scans methods. Unfortunately, most of those security measures fall short in three respects: They are very inconvenient for customers, they are very costly for businesses to implement and manage, and they are not very difficult for criminals to circumvent.
  • Regulatory Requirements -
      In response to the increase in identity and data theft and fraud, and in light of public concerns regarding data privacy, regulatory bodies in many countries are enacting new rules, guidelines and legislation. These efforts are aimed at protecting individuals and organizations from unauthorized access to financial, health and other personal/private information.
    • The Graham-Leach-Bliley Act (GLB) is comprehensive financial modernization legislation, and is causing major change in the financial services industry. The Act imposes an array of new requirements on financial institutions with respect to customer privacy. GLB emphasizes the affirmative and continuing obligations of financial institutions to protect the security and confidentiality of non-public personal information of their customers.
    • The Health Insurance Portability and Accountability Act (HIPAA) regulations require patient authorization in order to use or disclose “any protected information unrelated to treatment, payment or health care operations.” This applies to information in any form, including information that is “maintained or transmitted by computer”. The HIPAA Act states that all healthcare providers are required to ensure the protection of patient privacy – in particular, personally identifiable health information. Federal fines have been established in the legislation for the unauthorized exposure of personally identifiable health information.
    • The Federal Financial Institutions Examination Council (FFIEC) has issued guidance entitled Authentication in an Electronic Banking Environment. It addresses the need for enhanced security measures to authenticate customers using Internet-based products and services that process high-risk transactions involving access to customer information or the movement of funds. This guidance focuses on Internet banking systems, and its principles apply to all forms of electronic banking including mobile device and telephone banking applications.

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