Altigen Enhances its FinTech Solutions with Voice Biometrics Security for Banks and Credit Unions
MILPITAS, CA / ACCESSWIRE / February 15, 2022 / Altigen Communications Inc. (OTCQB: ATGN), a Silicon Valley-based Microsoft ISV and Cloud Solutions provider, today announced it has enhanced its financial services solutions with voice print technology.
Preventing fraud is a major challenge for banks and credit unions. Criminals attempt to steal account information from contact center agents by pretending to be customers. According to Feedzai, the world’s leading cloud-based financial crime management platform, in the past year alone there has been a 728% increase in business telephone banking fraud attacks.
In 2021 Altigen added call authentication technology from Neustar to block attempts to access banks and credit unions from spoofed phone numbers. Altigen has now further enhanced the call authentication process with voice biometrics technology. The integrated solution first validates the caller’s phone number and device to ensure it is associated with the customer account for which access has been requested. Voice biometrics provides an additional layer of security by matching the caller’s voice print to a previously authenticated recording. Callers who do not satisfy the combined requirements are denied access to the requested account.
The enhancement is a win-win for institutions and their customers. Agents are removed from the authentication process and customers can quickly and easily receive account information through the IVR or an agent.
Key benefits of the solution include:
- Fraud reduction through the screening of both the calling device and voice print adds an extreme level of security.
- Enhance self-service by automating authentication and encouraging customers to utilize the IVR for routine information such as account balance and recent transactions.
- Reduce costs for the institution by shortening and reducing interaction times with agents.
- Increase customer satisfaction by replacing traditional authentication methods, which can feel like an interrogation to customers, with self-authentication to improve the entire experience.
- A cost effective and affordable, usage-based solution that pays for itself.
As fraud attempts became more common, Altigen began receiving requests from its banking customers to explore ways to minimize or block exposure through contact center agents. Since much of the information used in knowledge-based authentication such as mother’s maiden name is easily obtained online by criminals, stopping a fraudulent caller has become extremely difficult for agents.
“Altigen has been building FinTech solutions for financial institutions for 16 years”, said Mike Plumer, Altigen’s VP of Sales. “Our IVR is sold by Fiserv and has been deployed at thousands of banks and credit unions. As the level of fraud attempts continue to rise, our team went to work evaluating technologies which could be implemented while leveraging our customer’s existing investment. This is an exciting development that enhances security and the customer experience at the same time.”
In addition to call authentication and biometrics, Altigen continues to incorporate other technologies to enhance the self-service experience for financial services customers.
“Over the years we’ve been able to develop significant knowledge and expertise in the FinTech market,” said Altigen CEO Jerry Fleming. “We will continue to incorporate best of breed capabilities that enhance our solutions for our partners and customers. Our goal is to provide best in class solutions that continually evolve to meet the challenges our customers face.”
Altigen call authentication with voice biometrics is available with ConvergeIT IVR and Contact Center Solutions from Fiserv.
About Altigen Communications
Altigen Communications, Inc. (OTCQB: ATGN), based in Silicon Valley, is a leading provider of Cloud-based Unified Communications solutions built on Microsoft technologies. Altigen’s all software solutions include hosted PBX, enterprise routing and queuing, call recording and complete omni-channel contact center solutions. We also provide cost-effective integrated SIP communications services in conjunction with our solutions to deliver a complete end-to-end, fully managed cloud service for our customers and partners. Our solutions are available through our global network of certified resellers. For more information, call 1-888-ALTIGEN or visit our website at www.altigen.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking information, including all statements that are not statements of historical fact regarding the intent, belief, assumptions or current and future expectations of Altigen, its directors, officers or its partners with respect to the contents of this press release. Such statements are subject to a number of risks and uncertainties, including but not limited to, statements about new products, our ability to accelerate business opportunities and drive the adoption of the CoreInteract platform for Microsoft Teams, our ability to achieve increased market acceptance for our service offerings and penetrate new markets, and the possibility that the company may be adversely affected by other economic, business and/or competitive factors, including rapidly changing customer preferences and trends.
These statements involve known and unknown risks and uncertainties that may cause the events we discuss not to occur or to differ significantly from those anticipated or implied. We cannot guarantee future results, levels of activity or performance. You should not place undue reliance on these forward-looking statements, which speak only as of the date that they were made. The Company undertakes no duty to update such information except as required under applicable law.
Vice President, Finance
Altigen Communications, Inc.
Phone: 408-597-9000 X103
Investor Relations Contact:
Brian Siegel, IRC, MBA
SOURCE: Altigen Communications, Inc.