The Voice Commerce Group is currently developing a voice-based biometric system called Voice Transact using Nuance Communications’ voice recognition system, according to an IT Week article. Voice Transact is intended to help reduce security concerns involved in retail and internet banking as well as mobile payments.
To sign up, a user must call a toll-free number and repeat a sequence of numbers as asked by the system. The user’s response will create a biometric report on the user that can be used to identify callers for future transactions. The system will work over both mobile phones and landlines and it will be compatible with all current banking standards.
Read the full article here.