VoicePay aims to substantially reduce the threat of credit and debit card fraud by using the customer's own voice as a means of digitally signing and authorising payments.
The application incorporates Biometric Security's VoiceVault authentication technology which is already in use by banks, insurers and public sector organisations.
VoicePay combines biometric, anti-phishing and anti-fraud technologies which help provide payment guarantees to consumers and business users.
Nick Ogden, chief executive at VoicePay, believes that the use of voice biometric technology will improve security and consumer confidence making it far safer for shoppers to buy goods and services.
"Using VoicePay is secure, quick and easy. No special software or hardware is required - just access to a phone," he said.
Consumers complete a short, one-time only enrolment process during which a few spoken words are used to generate a unique biometric voiceprint.
Subsequently, whenever a purchase is made, the user's voice verifies the transaction over the phone or internet.
VoicePay can be used in a variety of offline situations, including making purchases from a TV or print advertisement instantly or paying for goods in a shop.
"The security of personal data and credit card fraud remains at the forefront of people's minds. VoicePay hands power and control of the transaction to the consumer, who for the first time can digitally sign every transaction using their voice and benefit from a guarantee," explained Ogden.
A VoicePay spokesperson said that the system is designed to deal with colds and other minor voice altering problems, but those with a seriously altered voice will need to re-enrol to be able to use the system.
VoicePay's patent pending process has been developed by Ogden, who founded internet payment processor WorldPay before it was sold to the Royal Bank of Scotland in 2002.
Voice ID payment system claims to cut fraud
By Staff Writers on May 2, 2007 2:49PM